Lum Chang buys One Tree Hill Gardens for $65m

The freehold property will have 13 strata units.

Construction firm Lum Chang Holdings Limited (Lum Chang) acquires One Tree Hill Gardens for $65m.

According to its announcement, the freehold residential property will have 13 strata units of multi-level apartment blocks, plus common areas.

Lum Chang initially paid 5% of the interest for $3.2m through its subsidiary Lum Chang Auriga (LCA). Another 5% will be paid upon obtaining the approval of the acquisition.

The acquisition is expected to be complete in three months. By then, Lum Chang should have paid 90% of the consideration, amounting to $58.5m.

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