Engineering firm Alpina Holdings ZXY has signed a new deal to buy Wan Dormitory, paying $24.5 million instead of $24 million.
According to Alpina, the dormitory generated a profit before tax of $0.69 million for the year ended Dec 2022 and $0.49 million for the six months ended June.
Alpina had earlier announced an agreement to buy over the dormitory from one Dong Cai back in March but in September, Dong, according to Alpina, declined to go ahead with the deal.
Alpina filed for arbitration on Oct 16. The arbitration will be withdrawn.
According to Alpina, the acquisition of the dormitory will give it more space to house more workers needed to support its own business expansion.
The dormitory, located at 180 Woodlands Industrial Park E5, is also meant as an investment for Alpina.
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The local construction industry, following the end of the pandemic, faces a shortage of space to house workers.
Shares in Aplina Holdings closed flat at 19 cents on Dec 21.
