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Top Global agrees to pay S$170M for Singapore property buy

Top Global Ltd.'s Top Automation Pte. Ltd. subsidiary agreed to buy 23 freehold commercial strata-titled lots with 43 property addresses within the Thong Teck Building at 15 Scotts Rd. in Singapore for a total consideration of S$170 million.

The targeted properties comprise four retail and 39 office units with a collective net lettable area of about 57,000 square feet and an aggregate market value of S$180 million as of July 31.

The Singapore-listed property company noted in a news release that it intends to finance the acquisition using a combination of bank loans and internal cash resources.

As of Sept. 2, US$1 was equivalent to S$1.39.