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Far East Consortium unit signs S$93M deal to buy Singapore residential asset

Far East Consortium International Ltd.'s Advance Delight Global Ltd. agreed to purchase the 21 Anderson Royal Oak Residence in Singapore from Amber Investment Holding (Cayman) Ltd. for about S$93.0 million.

The subsidiary will carry out the transaction by acquiring all the shares of property owner Highest Reach Investments Ltd. and paying its loan to Amber Investment.

The property at 21 Anderson Road, District 10, is undergoing renovation. It has 34 residential units with a total gross floor area of 87,000 square feet.

Far East Consortium said the property acquisition aligns with its regionalization strategy and offers an opportunity to redevelop or resell the property. The Hong Kong-headquartered diversified real estate company will use its internal resources and external financing to fund the purchase.

As of June 5, US$1 was equivalent to S$1.34.