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Choa Chu Kang property to be sold for S$3.1m

Choa Chu Kang property to be sold for S$3.1m

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SWEE Hong has agreed to sell a freehold property at 190A and 190C Choa Chu Kang Avenue 1 for S$3.1 million to a privately held firm run by one of its employees, it said in a Singapore Exchange filing on Tuesday. Upcoming new launch condo include The Tapestry , The Jovell, Park Colonial, The Opus, Amber 45,  Jui Residences, 33 Residences  , 8 Hullet, 120 Grange, The Biltmore, Muse @ Newton, Harbour View Gardens, Daintree Residence ,  Parkwood Residences, The Verandah Residences, Sea Pavilion Residences,  Parc Botannia, Sengkang Central condo while existing ones include Rezi 35, Carpmael Thirty Eight , Fivenine, Sixteen35 Residences and Kandis Residence  Kingsford Waterbay, Seaside Residences and Grandeur Park Residences.
The property will be sold to Hong Ee Corporation. The directors of Hong Ee as at Dec 27 are Ong Kheng Keong, who is a site coordinator at Swee Hong, and Ong Keng Huat.
The property is made up of two strata-titled units situated one on top of the other, "forming an intermediate unit", Swee Hong said. A valuation on Dec 12, 2016, by consultancy Jones Lang LaSalle valued the property at S$3.1 million, it added.
It said it would book a gain of S$2.6 million on the sale and net proceeds of about S$2.9 million, and that it plans to use 80 per cent of the net proceeds to repay creditors.
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