IPC buys 77-unit Tokyo condominium project for S$21m

Mainboard-listed IPC Corporation has bought a 77-unit uncompleted condominium project in Tokyo for about S$21 million.

IPC said it has also agreed to pre-sell the units to two unnamed Japanese real estate companies when the project, named Uraga, is completed.

The company said the project’s foundation level has been completed and the building is scheduled to be completed in February or March next year.

IPC said the total cost of the Uraga Project is estimated at S$21 million, which will be funded by internal resources.

It said the transaction will have a positive contribution for its 2011 financial year.

The Uraga project is the third in a series of condominium projects purchased by the company since 2009.

The first project was bought for S$7.5 million and sold by end 2009, while the second was bought for S$ 2.7 million and expected to start selling in the second quarter 2011.

Source : Channel NewsAsia – 26 Apr 2010

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