CFM Infratrade, the wholly-owned subsidiary of SGX-listed CFM Holdings, has proposed to purchase two units on the fifth floor at Link @ AMK for a total consideration of $2.1 million. Each property will cost $1.05 million.
Each unit measures 200 sqm (2152.78 sq ft) and has a 60-year leasehold commencing from June 28, 2011. The properties will be used for the company’s daily operational use.
According to the company, it had considered the location and past transaction records for the surrounding area before entering into the offer. The indicative valuation of the property was obtained from the bank.
The consideration will be paid in three tranches in cash.
The offer needs to be exercised by the sellers, BF Twentyfive Pte. Ltd. and BF Twentysix Pte. Ltd, which are jointly owned by the same shareholders, Mohammad Ashraf Bhadelia and Normalah Binte Jaffar, at 4pm on Sept 21.
The sale of the property is subject to CFM Infratrade obtaining written approval from the Urban Redevelopment Authority (URA) for the change of its usage. If the approval is not granted, sellers will refund the 5% paid to them within seven days upon the buyer’s request.
Shares in CFM closed 0.2 cent lower or 1.68% down at 11.7 cents on Sept 16.
