Alpina Holdings to take over Wan Dormitory for $24m
The company will use the property for its use.
Alpina Holdings has entered into a non-binding term sheet with Dacai Pte. Ltd. and Dong Cai to acquire the entire issued and paid-up shares capita of Wan Dormitory for $24m.
Dacai owns 99.0% of Wan Dormitory, whilst Cai and his wife own the remaining 1.0%.
In a bourse filing, the company said it intends to acquire the property as an investment and to use it as additional dormitory space for its workers.
Alpina Holdings added that the lack of available dormitories in Singapore made it difficult for the company to expand their foreign worker workforce.
Wan Dormitory is situated at 180 Woodlands Industrial Park E5.