IOI Properties Group (KLSE:IOIPG) unit Boulevard View signed a conditional deal to acquire 100% of Shenton 101 from major shareholder and group CEO Lee Yeow Seng for SG$1, according to a Thursday bourse filing.
The purchaser will also fully settle Shenton 101's outstanding shareholder advances owed to Lee, which amounted to about SG$217.1 million as at July 31.
Shenton 101 owns Shenton House, a 25-story commercial property in Singapore's CBD, which IOI plans to redevelop into a mixed-use development. The proposed project has an estimated gross development value of SG$1.61 billion.
The acquisition will be funded through internally generated funds, and is expected to be completed by the fourth quarter, subject to closing conditions.
