CEL Development now owns entire Grange Properties

Shareholding was increased from the original 25% to 100%.

The Board of Directors of Chip Eng Seng Corporation Ltd announced that the company’s wholly-owned subsidiary CEL Development Pte. Ltd. has increased its shareholding in Grange Properties Pte. Ltd.

GP was 25:75 owned by CEL and Asdew Acquisitions Pte Ltd respectively, to jointly develop a residential development, Grange Infinite, located at No. 27 and 29 Grange Road. The development of Grange Infinite was completed in 2011 and all units had been sold.

Pursuant to a Sale and Purchase Agreement, AA sold to CEL its entire 5,052,954 issued and paid up share capital of GP at a consideration of $14.85 million.

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!