SINGAPORE: Singapore Land Group, SingLand announces residential unit sale to CEO Jonathan Eu’s wife for S$7.7 million. The residential unit is in its Watten House project, sold to Elaine Low, the wife of SingLand’s CEO, Jonathan Eu.
The announcement, made on Dec 1, reveals that the sale was sanctioned by the company’s joint venture entity, United Venture Development (Watten), at a fixed price of S$7.7 million, as reported by The Edge Singapore.
Notably, no discounts were applied to the proposed transaction. The unit’s purchaser, Elaine Low, is set to execute the acquisition on behalf of a trust, with her son designated as a beneficiary.
SingLand’s decision-making process involved careful review by its audit and risk committee. The committee asserted that the proposed sale was fair and reasonable and would not be detrimental to the interests of the company and its minority shareholders.
Additionally, the company’s board of directors, including CEO Jonathan Eu, who abstained from voting, conducted an independent evaluation before granting their approval for the transaction. /TISG