Frasers Property Subsidiary Buy Golden Village Yishun 48 Mil
Fraser Property Ltd (FPL) has acquired the popular movie theatre, Golden Village cineplex in Yishun for a total of $48 million through its fully-owned subsidiary, Lion (Singapore).
The subsidiary entered into a purchase agreement on June 2 with Golden Village Multiplex, a subsidiary of Hong Kong-based film production company Orange Sky Golden Harvest Entertainment.
Located on the second to fourth floors of 51 Yishun Central 1, adjacent to the Northpoint City mall, the Golden Village cineplex has a carrying value of around $45.1 million.
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As per the agreement, FPL’s subsidiary will have to pay an additional $2 million plus Goods and Services Tax (GST) if it receives or obtains building permission for the redevelopment of the property within 12 months from completion.
Golden Village Multiplex has also agreed to assist in securing the renewal of the fire certificate for the property, which is due by June 29. Moreover, the vendor will appoint a “competent person” to inspect the building’s facade and submit the inspection report to the Building and Construction Authority of Singapore (BCA) by June 30.
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The acquisition is subject to approval by Orange Sky’s shareholders and the Hong Kong bourse, among other conditions.
FPL also has the right to withdraw from the agreement if there is any breach of warranties and representations on the title of the property.
Upon completion of the sale, the cinema will be leased back to Golden Village Multiplex for 18 months. The monthly rent payable is 10% of Golden Village Multiplex’s monthly gross sales from its business operations on the property.
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This story was first published on EdgeProperty.com.sg. Get more property stories at EdgeProp.sg.