Catalist-listed Sysma Holdings Limited has signed an agreement to acquire 100 percent interest in De Paradiso Development, a private investment holding company that owns two land parcels in Serangoon.
Following the acquisition, Sysma will obtain ownership of both plots. De Paradiso plans to develop the sites into a cluster housing project comprising 18 units of three-storey terrace houses with basement car parks and communal facilities, and two units of three-storey semi-detached homes with attic.
The acquisition is on the condition that De Paradiso holds the two plots, including development rights.
“The proposed acquisition of De Paradiso which comes with the ownership of the land and development rights for cluster housing development is in line with the Group’s existing business strategy and future plans as listed in the Prospectus when Sysma was listed on SGX-Catalist in August,” said Sin Soon Teng, Executive Chairman and Chief Executive Officer of Sysma (pictured).
It was earlier reported that the total purchase price for the sale is S$35 million.
Romesh Navaratnarajah, Senior Editor of PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
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