Keong Hong launches JV for Siglap Road acquisition

It’s teaming up with FCL Topaz, Sekisui House.

Keong Hong (KH) has launched a new joint venture company (JVC) for the acquisition of a residential condominium at Siglap road called East Vue.

According to the company’s announcement, the issued and paid-up share capital of the JVC is $1m comprising 1,000,000 ordinary shares. The shares are split amongst FCL Topaz, which holds 40% worth $400,000; Sekisui House, which holds another 40% worth $400,000; and KH, which holds the remaining 20% worth $200,000.

The setting up and subscription of the JVC’s shares by KH was funded through KH’s internal resources and/or bank borrowings. KH asserts that it does not expect any material impact on its consolidated net tangible assets per share and consolidated earnings per share of the company for the current financial year ending 30 September 2016.