WEI YUAN HLDG (01343.HK): Accepts JTC Consent Letter for Redevelopment of New Headquarters in Singapore, Plot Ratio Raised to 1.40
NewTimeSpace News: On 28 August 2026, Wei Yuan Holdings Limited (stock code: 01343) announced that WGC, an indirect wholly-owned subsidiary of the Company and the lessee of the property, had submitted a letter of acceptance to JTC, confirming acceptance of all terms and conditions in the consent letter issued by JTC in respect of the proposed redevelopment works at the property intended for the Group's new headquarters.
According to the announcement, the property is a leasehold industrial site together with buildings erected thereon at 18 Chin Bee Drive, Singapore 619865, leased from JTC, a statutory board under the Ministry of Trade and Industry of Singapore responsible for industrial development, for a term of 20 years commencing from 26 April 2025, to be used as the Group's headquarters comprising offices, warehouse and dormitory. The redevelopment works mainly involve partial demolition of existing buildings and other structures and construction of new buildings and structures in accordance with a new aggregate plot ratio of 1.40 (calculated on a combined basis for two land lots within the property, higher than the existing aggregate plot ratio of 0.85 and 0.90 respectively), together with installation of solar panels in accordance with applicable requirements.
JTC issued the consent letter dated 17 August 2026, granting consent to the redevelopment works subject to the terms and conditions contained therein, which were required to be accepted by WGC on or before 31 August 2026. WGC submitted the letter of acceptance on 28 August 2026. Key terms include completion of the redevelopment works within two years from the date of the consent letter and compliance with the aggregate plot ratio requirement; if the actual aggregate plot ratio of the completed redevelopment falls below the existing aggregate plot ratio, the Group will be required to return the property to JTC and pay compensation calculated by reference to the replacement value of existing structures, and failure to complete the works in accordance with the consent letter will be treated as a breach of the lease, entitling JTC to exercise rights or remedies including repossession of the property.
Having considered all terms and conditions of the consent letter, the aggregate plot ratio increase upon completion and the better fit of the redevelopment versus renovation of existing buildings, the directors consider that acceptance of the consent letter is in line with the Group's plans for the property and in the interests of the Company and its shareholders as a whole. As of the date of the announcement, the Group has not entered into any construction contract or engaged any contractor, nor obtained any quotation or tender for the redevelopment works, and will commence the contractor selection process; subject to the final terms and contract sum of the construction contract, the redevelopment works may constitute a discloseable transaction under Chapter 14 of the Listing Rules, and the Company will publish further announcement(s) in due course.
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