CEL Development now owns entire Grange Properties

Shareholding was increased from the original 25% to 100%.

The Board of Directors of Chip Eng Seng Corporation Ltd announced that the company’s wholly-owned subsidiary CEL Development Pte. Ltd. has increased its shareholding in Grange Properties Pte. Ltd.

GP was 25:75 owned by CEL and Asdew Acquisitions Pte Ltd respectively, to jointly develop a residential development, Grange Infinite, located at No. 27 and 29 Grange Road. The development of Grange Infinite was completed in 2011 and all units had been sold.

Pursuant to a Sale and Purchase Agreement, AA sold to CEL its entire 5,052,954 issued and paid up share capital of GP at a consideration of $14.85 million.

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