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Thread: Van Holland (D10, Freehold, Koh Brothers)

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    Default Van Holland (D10, Freehold, Koh Brothers)

    Koh Brothers to sell condo units in Van Holland to CEO's children

    Mon, Jan 13, 2020 - 8:43 AM
    UPDATED Mon, Jan 13, 2020 - 12:09 PM

    FIONA LAM


    TWO family members of Koh Brothers Groupís executives will each buy a unit in the companyís upcoming freehold residential development Van Holland.

    The mainboard-listed developer said on Saturday afternoon that its wholly-owned subsidiary, KBD Holland, had granted siblings Benjamin Koh Yong Jun and Rachel Koh Han Ling the option to purchase the apartments, both on the third storey of Block 188.

    Mr Benjamin Koh may buy a unit at S$1.5 million, while Ms Rachel Koh may buy one at S$2 million.

    Both sale prices were arrived at after applying a special staff discount of 3 per cent on the public list price. This discount is granted to all employees and their respective immediate families for the purchase of any units in the condominium, Koh Brothers said.

    Francis Koh Keng Siang, the companyís managing director and group chief executive officer (CEO), is Mr Benjamin Koh and Ms Rachel Kohís father.

    The groupís executive chairman, Koh Tiat Meng, is their grandfather, while non-executive and non-independent director Quek Chee Nee is their grandmother.

    Executive deputy chairman Koh Teak Huat is their granduncle, while Koh Keng Hiong, the executive director and deputy CEO of the real estate and leisure and hospitality divisions, is their uncle.

    Mr Benjamin Koh, Ms Rachel Koh, their brother and their mother are also substantial shareholders of the company, although Koh Brothers did not disclose the stakes they own in Saturday's filing.

    Shareinvestor data on Monday showed that the "Koh Keng Siang family" was the largest shareholder with 60 million shares totalling a 13.8 per cent interest. A bourse filing by the company on Jan 8, 2018 disclosed that the group CEO, his wife and three children were the beneficiaries of a discretionary trust, under which they were deemed to have an interest in 60 million shares - equivalent to a 14.5 per cent stake at that time.

    The companyís audit and risk committee (ARC) has reviewed and approved both sales to Mr Benjamin Koh and Ms Rachel Koh, and is satisfied that the terms of the sales are fair and reasonable, Koh Brothers said. The ARC and board are also satisfied that the terms of the sales are not prejudicial to the interests of the company and its minority shareholders.

    The chairman, deputy chairman, group CEO, deputy CEO of the real estate and leisure and hospitality divisions, and Mdm Quek had abstained from the boardís review and approval of the interested-person transactions.

    Van Holland units were offered to the public on Saturday, with indicative prices starting from S$2,600 per square foot.

    Its private preview on Jan 3 reportedly attracted over 200 visitors. Citi analyst Brandon Lee was quoted on Friday as saying that five units had been sold, before the public launch and the announcement on Mr Benjamin Koh and Ms Rachel Kohís purchases.

    The 69-unit development along Holland Road is set to obtain its temporary occupation permit in March 2023. It will offer apartments each spanning 495 square feet (sq ft) to 1,991 sq ft.

    Shares of Koh Brothers were flat at S$0.23 at Fridayís close.

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    Default Re: Van Holland (D10, Freehold, Koh Brothers)

    Van Holland sells 10 units at average S$2,975 psf at launch

    Tue, Jan 14, 2020

    SHARANYA PILLAI


    FREEHOLD luxury residence Van Holland has moved 10 out of its 69 units at an average S$2,975 per sq ft (psf) over its launch weekend, property developer Koh Brothers announced on Monday.

    A "good mix" of one to three bedroom units were sold, Koh Brothers said in a press release. Most of the buyers are Singaporeans, noted Francis Koh, managing director and chief executive of Koh Brothers.

    "We are deeply heartened by the warm reception that we received over the public launch weekend given that there were a number of other developments that also launched in the same weekend. We are pleased to be able to sell 15 per cent of our total units given the current market sentiment and are expecting more in the coming weeks," he said.

    Located in Holland Village, the Van Holland development houses 53 units in two five-storey blocks, with one to four bedroom apartments ranging from 495 sq ft to 1,345 sq ft.

    The other 16 units, dubbed the Exclusive Series, are in a four-storey block with private lift access. In that block, apartments range from 1,001 sq ft to 1,991 sq ft. Van Holland is expected to obtain its temporary occupation permit in March 2023.

    On Saturday, Koh Brothers announced that two individuals Benjamin and Rachel Koh, both Mr Koh's children, had been granted the option to each purchase an apartment in Van Holland, both on the third storey of Block 188. Benjamin Koh may buy a unit at S$1.5 million, while his sister may buy a unit at S$2 million.

    Shares of mainboard-listed Koh Brothers closed at S$0.24 on Monday, up 4.35 per cent.

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