Hour Glass Acquire Units Tong Building 685 Mil

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The luxury watch retailer, The Hour Glass, has exercised its options to purchase units in Tong Building for a total of $68.5 million. The company, which is known for its high-end timepieces, will be acquiring specific units from the building located at #09-01 to #09-04 and #10-01 to #10-04. The purchase was brokered by Yap Hui Yee, the executive director of investment sales and capital markets at Savills Singapore.The executive commented that the freehold status of the office floors adds long-term value to the property, making it an attractive option for those looking to preserve their wealth and capital. Yap recently facilitated the sale of an entire floor at Tong Building to Parkway Hospitals Singapore for a record-breaking price of $31.33 million, or $4,562 per square foot. This transaction marks the highest price per square foot for an office space in the prime districts of Singapore.The units being acquired by The Hour Glass are located near the company’s corporate offices within the building. The group stated that the purchase is part of their strategy to invest in high-quality assets that complement their existing commercial properties in the region. The deposit of $3.4 million was paid upon the signing of the options to purchase, with the remaining balance expected to be paid upon completion of the purchase in December 2024.The company plans to fund the acquisition using its internal resources, as they are currently in a net cash position with cash and cash equivalents of $237.6 million as of March 31, 2024. On a pro forma basis, if the purchase had been made on March 31, there would have been no changes to the company’s net tangible assets of $841.7 million or net tangible assets per share of $1.30. If the acquisition had been completed on April 1, 2023, the company’s FY2024 earnings would have increased to $157 million from the original figure of $156.6 million, with a pro forma earnings per share of 23.95 cents compared to 23.87 cents originally.Shares of The Hour Glass closed at $1.59 on Sept 26, up 0.63% or 1 cent from the previous day’s closing.