Triplenic Holdings says it has entered an agreement with Fast Fund Development to acquire a 3,905 square foot site for $98 million.
It intends to develop the property, in First Street, Western district, into a 28-storey residential tower with five shops on the ground floor and 50 residential units above. Gross floor area will be about 32,931 sq ft.
Triplenic plans to raise about $182 million through an issue of 73.92 million warrants at an initial subscription price of $2.125, to subscribe for ordinary shares of 12.5 cents each of the company. The warrants will be issued at 34 cents.
Up to 73.92 million new shares would be issued, representing 20 per cent of the issued share capital and about 16.67 per cent of the enlarged share capital.
