Frasers Property Subsidiary Buy Golden Village Yishun 48 Mil
Frasers Property’s subsidiary acquires Golden Village cineplex for $48 million
Frasers Property, through its wholly-owned subsidiary Lion (Singapore), has acquired the Golden Village cineplex in Yishun for $48 million. The cineplex, formerly known as Yishun 10, has a carrying value of $45.1 million and is located on the second to fourth floors at 51 Yishun Central 1, next to Northpoint City mall.
.With its ideal location near Canberra MRT, the upcoming Sembawang Road EC development is set to be a great addition to the area. This executive condominium offers ultimate convenience and accessibility for its residents, situated at the heart of Sembawang Road. Within walking distance, one can find a range of amenities such as shops and restaurants, making daily living a breeze. And with easy access to various parts of the city via the North-South line, including popular areas like Orchard and Marina Bay, commuting is made even more convenient. Furthermore, with the upcoming North-South Expressway, traveling to the city center will be faster than ever.
But it’s not just about location and connectivity – Sembawang Road EC also boasts a plethora of amenities within its vicinity. Residents can enjoy entertainment and shopping at the nearby Sun Plaza shopping mall, or take a peaceful stroll at the picturesque Sembawang Park. Families with children will also appreciate the reputable schools in the area, making this executive condominium an ideal choice for families.
And for those who want to relax and unwind, Sembawang Road EC has top-notch facilities to offer. Residents can take a dip in the swimming pool, work out at the gym, or let their children play at the playground – all within the comfort of their own home.
With its unbeatable location, range of amenities, and top-quality facilities, Sembawang Road EC at Canberra MRT is a highly coveted executive condominium. Don’t miss the opportunity to own a piece of this desirable address. Head over to Sembawang Road EC at Canberra MRT to find out more.
The acquisition was carried out through a sale and purchase agreement (SPA) between Lion (Singapore) and Golden Village Multiplex, a subsidiary of Hong Kong-listed film production company Orange Sky Golden Harvest Entertainment. The SPA is subject to approval from Orange Sky’s shareholders and the Hong Kong bourse, among other factors.
Under the SPA, Lion (Singapore) will have to pay an additional $2 million with GST if it obtains or procures building permission for the redevelopment of the property within 12 months from the date of completion. Golden Village Multiplex has agreed to help obtain the renewal of the fire certificate for the property by no later than June 29.
Upon the completion of the transaction, the cinema will be leased to Golden Village Multiplex for a term of 18 months. The monthly rent payable will be 10% of the cineplex’s monthly gross sales from its business operations on the property. Lion (Singapore) is also entitled to rescind the SPA if there is a breach of warranties and representations on the title of the property.
This acquisition allows Frasers Property to strengthen its presence in the Yishun area and continue delivering quality cinema experiences to customers. It also reflects the company’s commitment to investing in strategic assets that align with its long-term growth strategy. With the potential for redevelopment in the future, this acquisition presents an excellent opportunity for Frasers Property to create value for its shareholders.