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OKP's subsidiary to purchase Kreta Ayer property for S$11.3m
OKP Holdings announced that its 51 per cent-owned subsidiary Raffles Prestige Capital will be purchasing a property at 35, Kreta Ayer Road from Visionone Investment Private Limited for S$11.3 million.
The freehold property is a three-storey shophouse with an attic, occupying a lot area of 1,568 square feet. The total floor area is 4,240 square feet.
The property is intended for investment and the purchase price will be funded by internal resources and bank borrowings.
An independent valuation by CKS Property Consultants pegs the open market value of the property as at Oct 13 at S$11.3 million.
The proposed purchase is not expected to have a material impact on the net tangible assets per share or earnings per share of the company for the financial year ending Dec 31.