Published:
Lum Chang to splurge $52m in London asset
Transaction to be completed by early-2014.
According to OSK, Lum Chang holdings announced its plans to buy a London property being operated now as a hotel by the sole tenant for SGD52m, in line with its strategy to seek property investment projects in the UK.
Here's more:
Its subsidiary, PPPL entered into a sale-and-purchase agreement with Purple SKy Sarl on Monday to buy the free- hold property situated in the City of Westminster Borough next to tourist attractions such as Hyde Park for SGD52m plus value added tax of about GBP5.2m which is expected to be completed on 13 Jan 2014.
However, PPPL will submit a standard claim for refund of the VAT paid.
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