On October 4, Cortina Holdings declared that it had been given the right to purchase the entire fourth level of 15 Scotts Road

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Cortina Holdings announced on Oct 4, that it had been granted the right to purchase the entire fourth floor in fifteen Scotts Road. The area is 1,276 square meters (13,735 sq feet) and the price will be $49 million. The company that is selling it will be the Singapore Institute of Management.

“Currently our offices in Singapore are located in leased offices Some leases are due to expire in the near future. We also anticipate an organic growth for the Group over the next future which will make it more difficult for us to find office space. Instead of leasing office space, we’ve thought about purchasing the identical.

The Property will be able to fulfill our Group’s requirements to have office spaces in the short future after the current tenancies for which it Property is subject will expire at the expiration of their term,” Cortina says.

The acquisition will lead to the net tangible asset value to increase by one cent to $1.90 as well as for net profit to rise to $69.096 million, up from $68.773 million on the basis of pro forma.