Hong Fok to buy properties in International Building Singapore

Completion of the proposed acquisition is expected to take place in February 2025.

Hong Fok Corporation Limited announced that the company’s wholly-owned subsidiary, Super Homes Pte. Ltd. (SHPL) had been granted to acquire several properties from third-party vendors, according to a bourse filing.

Three properties, units #01-02, #01-03, and #01-04, in the International Building Singapore, located at 360 Orchard Road, were bought for a total purchase price of around $16.64m.

Two other units, units #01-05 and #01-06, were bought from another vendor for a purchase consideration of approximately $11.16m.

International Building is a 12-storey commercial building, and the existing use of the units at the building comprises offices, shops, and restaurants.

Yat Yuen Hong Company Limited (YYH), a wholly-owned subsidiary of the company, owns all of the interest in Land Lot 956X of Town Subdivision 25 on which the International Building stands, which is freehold land.

Upon completion of the proposed acquisition of the properties under the options, the group will own all the units in the International Building.

The proposed acquisition will be funded through both internal resources and external borrowings.

Moreover, it is not expected to have any material impact on the net tangible assets and earnings per share of the company and the group for the current financial year ending 31 December 2024.

Completion is expected to take place in February 2025.