Senja Close EC™

The newly constructed Senja Close EC offers a range of family-friendly amenities and shared spaces. Situated in a convenient location near the city centre, Tengah Green area, and multiple healthcare facilities, this development provides easy access to all the essentials. Furthermore, Senja Close EC is well-connected to the rest of the town, accessible by a short drive or bus ride. The project’s site boasts a variety of unit types, catering to both young couples and families with children, making it a perfect choice for families of all sizes.

Knight Frank Asia Pacific, a subsidiary of Knight Frank LLP, has announced plans to acquire the remaining 55% stake in Knight Frank Singapore from its parent company AF Global for $36.89 million.

AF Global, a Singapore-listed company, released a statement to the Singapore Exchange (SGX) on Oct 8 announcing its proposal to sell its shares in Knight Frank Pte Ltd (KFSG), which represents a 55% stake in the company. The shares, currently held by AF Global’s subsidiary Cheong Hock Chye & Co, will be sold to Knight Frank Asia Pacific, which already owns the remaining 45% stake in KFSG.

In accordance with the announcement, AF Global has entered into a non-binding head of terms with Knight Frank, giving the latter exclusive rights to conduct the necessary due diligence and evaluate the sale. However, the deal is subject to the results of the due diligence being satisfactory. As part of the head of terms, Knight Frank has paid a $150,000 exclusivity fee to AF Global.

KFSG is a prominent real estate consultancy firm in Singapore, offering a full range of services including leasing, auctions, investment sales, retail planning and consultancy, office advisory, property asset management, valuation and consultancy, and research. The company also has a team that actively markets overseas developments.

Based on unaudited consolidated financial statements for the six months ended June 30, the book value and net tangible asset value of the sale shares is approximately $33.326 million. AF Global stands to recognise a gain of approximately $3.435 million on the proposed disposal, after netting costs and expenses.

The main reason for the proposed sale, according to AF Global’s announcement, is to allow the company to exit its legacy investment, which is not part of its core business in the hospitality sector. AF Global operates a hotel in Thailand and serviced residences in Vietnam and Laos. Additionally, AF Global states that while it currently holds a majority 55% stake in KFSG, it is not involved in the operations of KFSG Group, as they are run separately and independently by their own management.

This announcement by AF Global coincides with a separate proposal to take the company private. A consortium led by Aspial and JK Global Investment, an entity owned by Fragrance Group chairman and CEO Koh Wee Meng, has expressed interest in acquiring all of AF Global’s shares at 11 cents each through a scheme of arrangement. If the scheme is approved, the consortium intends to delist AF Global.

In a separate announcement to the SGX, AF Global states that the proposed privatisation will allow the consortium and the company’s management more flexibility in managing its business and optimising its capital resources without the costs and regulations associated with a listing on the SGX.

Aspial currently holds a 41.75% stake in AF Global, while Koh owns 30.91% of the company.