CTR HOLDINGS (01416.HK): wins bid for land in Kaki Bukit, Singapore for SGD 52.788 million, constituting a very substantial acquisition
NewTimeSpace News: On 19 August 2026, CTR Holdings Limited (stock code: 01416) announced that its wholly-owned subsidiary Chian Teck received a letter from Jurong Town Corporation on 19 August 2026 confirming acceptance of its bid, at a land price of SGD 52,788,000 (excluding current GST), for the land at Kaki Bukit, Singapore (Lot 07952L MK 28). The land has a site area of 7,364.8 square meters, a maximum permissible plot ratio of 2.5, a lease term of 33 years from the commencement date, permitted development use of Business 2, and a project construction period of 60 months from the date of the letter.
According to the announcement, under IFRS 16, the Group is required to recognize the land as a right-of-use asset, with the value of the right-of-use asset recognized under the land lease (unaudited) of approximately SGD 55,397,000 (being the land price of SGD 52,788,000 plus stamp duty of SGD 2,609,000). As one or more applicable percentage ratios of the land lease exceed 100%, the transaction constitutes a very substantial acquisition for the Company under Chapter 14 of the Listing Rules, subject to reporting, announcement, circular and shareholders' approval requirements, and the Company will convene an extraordinary general meeting to seek approval.
The announcement states that the Group plans to develop a multi-storey building on the land, comprising two floors of dormitory (approximately 407 beds), six floors of office and storage space, and intends to relocate its headquarters to the new building; the estimated construction cost is approximately SGD 50 million, with the total cost of the land lease and construction of approximately SGD 102.79 million. The Company expects cumulative savings of approximately SGD 220.5 million over an operating period of about 30 years, and the Board considers the terms of the land lease to be fair and reasonable and in the interests of the Company and its shareholders as a whole.
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