{"id":28901,"date":"2016-10-07T09:51:44","date_gmt":"2016-10-07T02:51:44","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/heeton-sells-ilivgrange-for-95m\/"},"modified":"2016-10-07T10:00:00","modified_gmt":"2016-10-07T03:00:00","slug":"heeton-sells-ilivgrange-for-95m","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/heeton-sells-ilivgrange-for-95m\/","title":{"rendered":"Heeton sells iLiv@Grange for $95m"},"content":{"rendered":"


\nThe 30-unit condominium at Grange Road was sold to private investors. Source: Mercurio Design Lab
\nProperty developer Heeton Holdings has sold its entire stake in the 16-storey iLiv@Grange condominium project.
\nIn an SGX filing last week, the company revealed that the disposal was made through a sale of the entire issued and paid-up capital of Heeton Residence to private investors who are not related to the company, its controlling shareholders and directors.
\nHeeton Residence is the sole shareholder of Heeton Realty, which owns iLiv@Grange at 74 Grange Road.
\nThe consideration for the disposal comprised a nominal amount of $4 for the purchase of the sale shares and $21 million for the transfer of the shareholder\u2019s loan owing from Heeton Residence to Heeton.
\nAs part of the transaction, Heeton also subscribed for $4 million senior notes in Heeton Realty due by 2019, which bears interest at five percent per annum.
\nThe consideration was arrived at on a willing-buyer, willing-seller basis after taking into account the adjusted net asset value of Heeton Residence and Heeton Realty, including the agreed value of iLiv@Grange at $95 million.
\n\u201cThe residential property market is not recovering due to various factors, including property cooling measures, supply of new units to the market and the general macro-economic conditions,\u201d said Heeton.
\n\u201cGiven current market conditions, the consideration offered by the purchasers for Heeton Residence seemed reasonable and offered a viable exit option for the company.\u201d
\nHeeton expects the disposal to have a negative impact on its earnings, but not on the group\u2019s net tangible assets per share for the current financial year.
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Heeton sells iLiv@Grange for m<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The 30-unit condominium at Grange Road was sold to private investors. Source: Mercurio Design Lab...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-28901","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-7w9","jetpack-related-posts":[{"id":74302,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/heeton-looks-to-brighter-future-after-paying-22-5mil-in-qc-charges\/","url_meta":{"origin":28901,"position":0},"title":"Heeton looks to brighter future after paying $22.5mil in QC charges","date":"December 12, 2017","format":false,"excerpt":"\r View of iLiv@Grange, a freehold condominium at 74 Grange Road. Heeton Holdings is now on the road to recovery after completely disposing of two housing developments, from which it incurred penalties totalling about $22.5 million for previously failing to sell all units within a specified timeframe, reported the Business\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":61274,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/heeton-holdings-koh-brothers-sell-joint-venture-for-s41-6mil\/","url_meta":{"origin":28901,"position":1},"title":"Heeton Holdings, Koh Brothers sell joint venture for S$41.6mil","date":"July 20, 2017","format":false,"excerpt":"\r \u00a0 Heeton Holdings, via its wholly-owned subsidiary Heeton Land Pte Ltd, along with Koh Brothers\u2019 unit, Koh Brothers Development, have sold their respective 50 percent shareholdings in their joint venture company Buildhome to Central Core for S$41.6 million. Buildhome developed and owned the property known as \u201cThe Lumos\u201d on\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":74298,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/lian-beng-ksh-heeton-buy-geylang-properties-for-60mil\/","url_meta":{"origin":28901,"position":2},"title":"Lian Beng, KSH, Heeton buy Geylang properties for $60mil","date":"December 12, 2017","format":false,"excerpt":"\r Lian Beng Group Ltd, via its 42 percent-owned associated company Development 24 Pte. Ltd., has exercised an option to acquire the freehold properties known as 31 to 51 (ODD) Lorong 24 Geylang. 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