Popular Holdings acquires Permai Court and land for $20.25m

Popular Holdings says Popular Land Investment, the wholly-owned subsidiary of the company, had successfully acquired the freehold land located at 524 Kampong Bahru Road together with the Permai Court building standing on it for $20.25 million.

The purchase price of the property of $20.25 million was arrived on a willing seller willing buyer basis, taking into account various commercial factors including the redevelopment potential and location of the land. The purchase price of the property will be financed by internal resources and bank borrowings.

The group has successfully completed two projects, namely One Robin and 18 Shelford. Construction of the Group’s third project, 8 Raja, is in progress. The proposed acquisition will build the group’s land bank and grow the property business that has contributed $27.8 million and $7.4 million to the group’s turnover and profit before tax respectively for the financial year ended 30 April 2011.