Guocoland declares sale of Martin Modern to interested person

On 4th December 2017, GuocoLand Limited announced that its indirect wholly-owned subsidiary, Martin Modern Pte. Ltd., has granted an option to purchase a property unit in its residential development project known as Martin Modern to a relative of Directors of the Company.

Ms Kwek Sue Ping is the daughter of Mr Kwek Leng San. Mr Kwek Leng San is a brother of Messrs Quek Leng Chan and Kwek Leng Hai, who are Directors of the Company.

The details of the proposed sale of Martin Modern are as follows:

Name of Purchaser : Ms Kwek Sue Ping
Unit No. : #16-01 Martin Modern
Sale Price : S$4,445,700
% Discount Given : 15% + 1%

The terms of the proposed sale are similar to those extended to members of the public and its sale price offered was based on prices quoted to other independent buyers in the market. It is also in accordance with recent sales transactions conducted at Martin Modern.  This proposed sale was ahead of the government land sales tender conducted by URA at Jiak Kim Street which will close on 5th Dec 2017.

Jiak Kim Street GLS by URA

Due to the recent rise in housing price and volume, the property watchers are largely positive that the tender will attract strong participation and price amongst the property developers. The Jiak Kim Street GLS is an attractive site that offers unblocked view of Singapore River, Marina Bay and is in close proximity to Great World MRT Station. The Great World MRT Station is part of the Thomson-East Coast Line which is estimated to complete its second phase by 2021.

Guocoland Audit and Risk Committee

Pursuant to Rule 912 of the Listing Manual of the Singapore Exchange Securities Trading Limited:
(1) the Audit and Risk Committee (“ARC”) which comprised 3 Independent Directors) approved the Proposed Sale after reviewing and satisfying itself that the number and terms of the Proposed Sale are fair and reasonable and are not prejudicial to the interests of the Company and its minority shareholders. ARC comprises the following Directors, all of whom are non-executive and independent:

– Mr Timothy Teo Lai Wah, Chairman (Independent and Non-Executive)
– Mr Francis Siu Wai Keung, Member (Independent and Non-Executive)
– Ms Lim Suat Jien, Member (Independent and Non-Executive)

The ARC members have recent and relevant accounting or related financial management expertise or experience and the Chairman of the ARC has extensive global experience in the financial industry.The terms of reference of the ARC are set out in the Company’s own Code of corporate governance which provided, inter alia, that the ARC has explicit authority to investigate any matter within its terms of reference, have full access to and co-operation by Management and have full discretion to invite any director or executive officer to attend its meetings, and reasonable resources to enable it to discharge its functions properly.

(2) the Board of Directors also satisfied itself that the terms of the Proposed Sale are not prejudicial to the interests of the Company and its minority shareholders. Messrs Quek Leng Chan and Kwek Leng Hai had abstained from the Board’s review and approval process of the proposed sale of Martin Modern unit.