Centurion Corporation unit acquires 65% stake in factory building plot for S$4.8 million
The aim is to develop and operate a purpose-built workers accommodation on the site
[SINGAPORE] A wholly owned subsidiary of property player Centurion Corporation has purchased a 65 per cent stake in Manna 777 Properties for S$4.8 million.
Manna 777 Properties owns a plot of freehold land at 7 Kim Chuan Lane, which spans 975.9 square metres and is near Tai Seng MRT station as well as ComfortDelGro Driving Centre.
In a bourse filing on Friday (Feb 13), Centurion Corp said the sellers are investment holding company ACKC Hesed and real estate developer Mulberry Land.
The Centurion unit, Centurion Dormitory Venture (II), also entered into a joint venture with ACKC Hesed and Mulberry Land. The latter two parties hold, respectively, the remaining 24.5 per cent and 10.5 per cent of Manna 777 Properties’ total issued share capital.
The aim of the venture is to develop and operate a purpose-built workers accommodation on the site, Centurion Corp said.
The group also extended a sum of S$1 million to Manna 777 Properties in connection with the deal, to be capitalised into additional shares after the acquisition.
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Mulberry Land was incorporated in August 2021 and is owned by Darren Ku, the founder of Venturer Group.
Shares of Centurion Corp finished Friday down 0.7 per cent or S$0.01 at S$1.52.
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