Resorts World Properties to buy S’pore Tech Building

Genting Singapore said its wholly-owned subsidiary Resorts World Properties has agreed to buy the Singapore Technologies Building from Singapore Technologies Holdings for S$146 million.

The freehold 13-storey office building is located at Lim Teck Kim Road and has an existing gross floor area of 128,600 square feet.

The property has an approved plot ratio of 6.6 and sits on a site area of around 1,800 square metres.

Genting said the property is close to Resorts World Sentosa Integrated Resort and is intended to house the resort’s support departments.

It added that payment will be financed by either internal funds, bank borrowings or a combination of both.

Genting also does not expect the purchase to have any material impact on its earnings per share for the financial year.

Completion of the sale is expected to take place on March 1.

Source : Channel NewsAsia – 1 Feb 2011

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