Renaissance United adds 8th Skyline One Sentosa unit in Johor, tipping deal into “major transaction” at 20.0% of market cap
Summary:
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Renaissance United’s wholly owned unit Renaissance United Assets Sdn. Bhd. has signed an additional SPA for one more serviced apartment (Unit A23‑18) at Skyline One Sentosa in Johor Bahru, bringing its total purchase to 8 units.
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The new unit costs RM507,584 (about S$155,700), taking the net aggregate consideration for all 8 units to RM4,034,272 (around S$1.24 million) based on an exchange rate of RM3.26 to S$1.
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Payments for the project, which is under development and expected to complete within 66 months from the respective SPAs, will be staged via instalments through 2031, funded by a mix of internal resources and external bank facilities.
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The aggregate deal size now represents 20.02% of the company’s S$6.18 million market capitalisation under SGX Rule 1006(c), technically classifying it as a major transaction requiring shareholder approval, and the company will seek SGX RegCo’s determination on whether a general meeting is needed.
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Management says the acquisition is in the ordinary course of its property development segment, reinvesting proceeds from its prior Falling Water Project sale and extending the Group’s footprint beyond the US and China.