HALT !

 

Singhaiyi will be disposing of its Tri-County Mall property to Park Harbor Capital for a consideration of US$29 million ($39.1 million).

 

The property is a two-storey enclosed shopping mall, at 11700 Princeton Pike Cincinnati, Ohio, US and is located in Springdale, Ohio, in the northern suburbs of Cincinnati approximately 20 miles north of downtown. The site area is about 3.3 million sq ft with an open car park space to accommodate 7,118 cars. The net rentable area is approximately 1.26 million sq ft which Macy&rsquo s owns 227,072 sq ft.

 

The sale consideration of US$29 million was arrived at a willing-buyer, willing-seller basis, taking into account the book value and the re-development potential of the property. The property will be sold on an &ldquo as-is&rdquo and &ldquo where-is&rdquo basis.

 

The book value of the property as at Mar 31 was US$18.7 million, while the original purchase price of the property was US$45 million. 

 

Between Aug 21 and 26, Haiyi Holdings (Haiyi) acquired 5,960,900 shares of SingHaiyi Group for a consideration of S$429,185 at 7.2 cents per share. The two married deals increased SingHaiyi Group managing director Celine Tang' s deemed stake in SingHaiyi Group from 64.33 per cent to 64.47 per cent.

 

This followed Mrs Tang increasing her deemed interest in SingHaiyi Group between Aug 13 and 19 from 63.17 per cent to 64.33 per cent.

 

Mrs Tang also serves as managing director of Haiyi where she oversees its daily operations and decision-making, and is the non-executive chairman of Chip Eng Seng Corporation and OKH Global.

 

On Aug 21, the board of SingHaiyi Group appointed Lawrence Lua Gek Pong as its Independent, non-executive director and chairman of the nominating committee and member of the audit committee and the remuneration committee. Mr Lua also serves as an Independent non-executive director of Bumitama Agri.

 

SingHaiyi is a diversified company focused on property development, investment and management services. Apart from an established track record in residential property development, the group also holds a diversified portfolio of income-generative assets in the commercial and retail sectors, with geographical reach into the US and widening exposure in Asia.