Frasers Property Subsidiary Buy Golden Village Yishun 48 Mil
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In summary, the future of Queenstown as envisioned by the URA Master Plan will bring a multitude of advantages to the people of Penrith and the neighborhood itself. With improved connectivity through transportation and the creation of dynamic mixed-use areas, as well as a focus on green initiatives and the development of cultural and healthcare hubs, Penrith will become an even more desirable location to reside in. Through the enhancement of infrastructure, amenities, and public spaces, the overall livability of the area will greatly improve, making it an appealing choice for potential homeowners and residents seeking a sustainable and community-driven lifestyle. The inclusion of Penrith Hong Leong to these plans will further elevate the value and charm of Penrith, ensuring that it remains a thriving and coveted neighborhood in Singapore.
Frasers Property (FPL) has acquired the 1,477-seat Golden Village cineplex, located on the second to fourth floors at 51 Yishun Central 1, for $48 million. The cineplex was formerly known as Yishun 10.
This transaction was carried out through FPL’s wholly-owned subsidiary, Lion (Singapore), which entered into a sale and purchase agreement (SPA) with Golden Village Multiplex, an indirect wholly-owned subsidiary of Hong Kong-listed film production company Orange Sky Golden Harvest Entertainment, on June 2.
The property has a carrying value of around $45.1 million. Under the SPA, Lion (Singapore) will also have to pay an additional $2 million with GST if it obtains or procures building permission for the redevelopment of the property within 12 months from the date of completion.
Golden Village Multiplex has agreed to help obtain the renewal of the fire certificate for the property by no later than June 29. Moreover, the vendor will also appoint a “competent person” to inspect the building’s facade and submit the inspection report to the Building and Construction Authority of Singapore (BCA) by June 30.
The SPA is subject to approval by Orange Sky’s shareholders and there must be no objections from the Hong Kong bourse, among other factors. In the event of a breach of warranties and representations on the title of the property, FPL is entitled to rescind the SPA.
After the completion of the transaction, Golden Village Multiplex will lease the cinema from FPL for a term of 18 months. The monthly rent payable will be 10% of Golden Village Multiplex’s monthly gross sales from its business operations on the property.
This acquisition is in line with FPL’s strategy of expanding its presence in the retail and commercial sector. The company is also optimistic about the potential of this location, which is next to the popular Northpoint City mall.