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Top Global evaluating purchase of office, retail space in Singapore building

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Top Global evaluating purchase of office, retail space in Singapore building

Top Global Ltd. was granted nonbinding options to purchase office and retail space in the Thong Teck Building in Singapore.

The company said May 29 that it was still evaluating market conditions related to the units, and that it will make further announcements when necessary.

The (Singapore) Business Times reported earlier in the day that Top Global was believed to be buying the Thong Teck Building units for an aggregate consideration of S$129.5 million from Kenneth Low Si Ren, an executive director of Allied Technologies Ltd.,

The company will exercise an option to purchase approximately 28,360 square feet of office space across four levels and 6,440 square feet of retail space on the ground level of the building along Scotts Road in the city-state's District 9, according to the publication.

The targeted components of the Thong Teck Building are currently held by entities that the seller bought in April from Albert Hong, the founder of RSP Architect Planners & Engineers (Pte) Ltd., the report added.

As of May 28, US$1 was equivalent to S$1.38.