Perennial Real Estate Holdings Ltd., as planned, entered into a roughly S$129.6 million agreement with Chesham Properties Pte. Ltd. to gain full ownership of three entities that jointly hold the nearly S$1.03 billion Capitol Singapore mixed-use project.
In accordance with a notice delivered March 9, the pair signed a deal to transfer Chesham Properties' stakes in Capitol Investment Holdings Pte. Ltd., Capitol Retail Management Pte. Ltd. and Capitol Hotel Management Pte. Ltd. to Perennial Real Estate's Perennial (Capitol) Pte. Ltd. and New Capitol Pte. Ltd. subsidiaries.
Completion of the all-cash deal is expected May 8, according to a news release.
As of March 13, US$1 was equivalent to S$1.31.
