{"id":61274,"date":"2017-07-20T09:56:23","date_gmt":"2017-07-20T02:56:23","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/heeton-holdings-koh-brothers-sell-joint-venture-for-s41-6mil\/"},"modified":"2017-07-20T09:58:46","modified_gmt":"2017-07-20T02:58:46","slug":"heeton-holdings-koh-brothers-sell-joint-venture-for-s41-6mil","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/heeton-holdings-koh-brothers-sell-joint-venture-for-s41-6mil\/","title":{"rendered":"Heeton Holdings, Koh Brothers sell joint venture for S$41.6mil"},"content":{"rendered":"


\n\u00a0
\nHeeton 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.
\nBuildhome developed and owned the property known as \u201cThe Lumos\u201d on 9 Leonie Hill, which still has 36 unsold residential units.
\nIn an SGX filing, Heeton revealed that Toh Giap Eng, \u201cthe deputy chairman and executive director and a controlling shareholder of the company, has a 12.5 percent shareholding interest in Central Core.\u201d
\nIt also noted that the S$41.6 million consideration was arrived at \u201con a willing-buyer and willing-seller basis with reference to the unaudited financial statements of Buildhome as at 28 February 2017 and the agreed value of S$185.6 million for the property\u201d.
\nIt added that the consideration was equally paid to Heeton Land and Koh Brothers Development \u201cin the following manner (a) S$30 million in cash paid on 19 July 2017 and (b) S$11.6 million to be deferred to after completion, which shall be novated to the shareholders of Central Core.\u201d
\nMeanwhile, Buildhome refinanced the property with the existing lender. And as part of the transaction consideration, Koh Brothers Development and Heeton Land have agreed to \u201cconvert the outstanding shareholders\u2019 loans to Buildhome aggregating S$36 million into a three-year promissory note bearing interest at five percent per annum\u201d.
\nHeeton expects the disposal to positively contribute to its consolidated net tangible assets and earnings per share for the financial year ending 31 December 2017.
\n\u00a0
\nThis article was edited by Denise Djong.
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Heeton Holdings, Koh Brothers sell joint venture for S.6mil<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a0 Heeton Holdings, via its wholly-owned subsidiary Heeton Land Pte Ltd, along with Koh Brothers\u2019...<\/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-61274","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-fWi","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":61274,"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":28901,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/heeton-sells-ilivgrange-for-95m\/","url_meta":{"origin":61274,"position":1},"title":"Heeton sells iLiv@Grange for $95m","date":"October 7, 2016","format":false,"excerpt":"\r The 30-unit condominium at Grange Road was sold to private investors. Source: Mercurio Design Lab Property developer Heeton Holdings has sold its entire stake in the 16-storey iLiv@Grange condominium project. In an SGX filing last week, the company revealed that the disposal was made through a sale of the\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":61274,"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. KSH Holdings and Heeton Holdings also holds a 48 percent and 10 percent stake in Development 24.\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":54787,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/heeton-posts-12-4-rise-in-q1-revenue\/","url_meta":{"origin":61274,"position":3},"title":"Heeton posts 12.4% rise in Q1 revenue","date":"May 15, 2017","format":false,"excerpt":"\r Profit shares\u00a0from associated firms and joint ventures slumped from S$6.26 million to S$2.11 as Heeton stopped recognising earnings\u00a0from completed residential projects NEWest, KAP\u00a0and KAP Residences (pictured) (Image: Oxley Sanctuary Pte. Ltd.). Heeton Holdings Limited\u2019s revenue increased by 12.4 percent to S$15.49 million in the first quarter of 2017 compared\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":81992,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/geylang-freehold-sites-bought-for-60mil\/","url_meta":{"origin":61274,"position":4},"title":"Geylang freehold sites bought for $60mil","date":"March 6, 2018","format":false,"excerpt":"\r A joint venture (JV) between Heeton Holdings, Lian Beng Group and KSH Holdings has completed the acquisition of several freehold land parcels at 31 to 51 (odd) Lorong 24 in Geylang for a total of $60 million on Monday (5 March). 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