News: Rivière unit sold to company director’s relative for $2.225 million

Jun 17, 2019

Chan Sze Min, a relative of the director, paid $2.225 million or $2,720 per sq ft for the eighth-floor unit. The discount given comprises of a three percent early-bird discount and one percent discount to immediate family members of staff or directors of the company.

A relative of Frasers Property’s director has acquired a residential unit at Rivière at a four percent discount.

Chan Sze Min, a relative of company director Chan Heng Wing, paid $2.225 million or $2,720 per sq ft for the eighth-floor unit.

In an SGX filing, Frasers Property revealed that the discount given comprises a three percent early-bird discount offered to all purchasers at the time of the transaction and one percent discount extended to “immediate family members of staff or directors of the company and subsidiaries and associated and joint venture companies of the company”.

It added that the company’s audit committee is “satisfied that the number and terms of the above sale are fair and reasonable”.

The audit committee and the board are also satisfied that the sale are “not prejudicial to the interests of the company and its minority shareholders”.

Located at Jiak Kim Street, Rivière comprises two blocks of residential units and one block of serviced apartments. It is being developed by Frasers Property Quayside Pte Ltd, an indirect fully-owned subsidiary of Frasers Property.

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Fiona Ho, Digital Content Manager at PropertyGuru, edited this story. To contact her about this or other stories, email fiona@propertyguru.com.sg

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