On fifth attempt, Peace Centre/Peace Mansion sold to entities linked to Chip Eng Seng, SingHaiyi
PROPERTY player Chip Eng Seng Chip Eng Seng: C29 +2.47%, a SingHaiyi SingHaiyi: 5H0 0% joint venture and Ultra Infinity have made a joint S$650 million bid for the combined development of Peace Centre and Peace Mansion, by way of a private treaty, making it the largest collective sale this year.
The companies in separate bourse filings on Friday (Dec 3) announced that the “offer was accepted”.
A KSH Holdings KSH: ER0 0% subsidiary, SLB Development $ SLB Dev: 1J0 0% and Ho Lee Group each own a one-third stake in Ultra Infinity.
The SingHaiyi joint venture, Sing-Haiyi Crystal, is equally owned by a SingHaiyi Group subsidiary and an entity controlled by Singaporeans Gordon Tang and Celine Tang – who are also Chip Eng Seng controlling shareholders.
Peace Centre was put on the market for collective sale in September, with the owners expecting offers in excess of S$650 million.