Boustead Projects Group acquires 25 Changi North Rise for $10.5m

It has 20 years left in its leasehold.

Boustead Projects Limited acquires the leasehold interest in the land on Lot 4468K of Mukim 31 at 25 Changi North Rise for $10.5m.

Its subsidiary BPUMS Pte Ltd (BP-UMS) was granted a land lease of 30 years which started on 1 February 2007.

According to an announcement, the purchase price is in line with an independent valuation obtained as of 6 September 2017 from TEHO Property Consultants Pte Ltd.

Prior to the completion of the proposed sale, the property has a net book value of around $4.5m.

The excess of the proceeds of the property over its net book value is approximately $6m.

The sale is expected to positively affect company performance for the financial year.