TEE International to acquire property at 25 Bukit Batok Street 22

Deal is set at SGD9.2m.

In a release, TEE International announced that it has been granted an Option to Purchase dated 22 February 2013 by Allied Technologies Limited in relation to to the purchase of the property at 25 Bukit Batok Street 22, Singapore 659591.

The consideration for the acquisition of the Property of SGD9,200,000.00 was arrived at on a willing buyer willing seller basis, after taking into consideration current market conditions. The proposed acquisition will be funded by internal funds and bank borrowings.  

The Board considers that the proposed acquisition is in the interests of the Company and will enable the Group to increase its land bank.  

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