SINGAPORE: Sloane Court Hotel, along with a small plot of land next to it, has been sold for S$80.5 million to TSky Development, it was announced on the Singapore Exchange (SGX) on Monday (Aug 28).
TSky is a joint venture between Tiong Seng Holdings and Ocean Sky International.
The hotel at 17 Balmoral Road sits on prime residential land in Singapore's District 10. Together with the adjoining site, lot 99899P of town sub division 26, the two plots have a combined site area of about 3,618 square metres.
A spokesperson for Tiong Seng told Channel NewsAsia that there are plans to redevelop the site into a 12-storey condominium comprising about 80 units.
The proposed acquisition is conditional upon the approval of the shareholders of the vendors of the sites.
Tiong Seng Holdings, through its wholly owned subsidiary Yuan Ching Development, has a 60 per cent interest in TSky, while Ocean Sky holds the remaining 40 per cent through its wholly owned subsidiary Arctic Sky Investment.
TSky will set up a project company to undertake the development of both sites, according to Ocean Sky.
This is the second joint venture project for Tiong Seng and Ocean Sky. Earlier this year, TSky entered into a deal to acquire two freehold sites in Jervois Road for S$21 million.