DBS Bank inks agreement to sell 33 Changi North Crescent

Applied Materials South East Asia bought the industrial site.

The DBS Bank Limited entered into an agreement with the Applied Materials South East Asia Limited to sell 33 Changi North Crescent, a property that the bank took over from construction engineering firm, Tee International.

In an announcement, Tee International said DBS sold the property to Applied Materials South East Asia for $18m. The sale of the asset is seen to be completed on 18 July 2022.

Further, DBS will apply the proceeds of the sale “in satisfaction of outstanding amounts” owed by Tee International to DBS and other creditors who have the security of the sale proceeds and transaction expenses incurred by DBS.

In September last year, Tee International, whose share trading has been suspended since June 2021, received a notice that DBS will take over the 33 Changi North Crescent Property.

Tee was also under probe for violating listing rules.

Follow the link for more news on

DBS

property sale

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia