U Property Holdings Pte Ltd. entered into the Letter of Offer to acquire New Chance Properties Pte Ltd from Second Chance Properties Ltd (SGX:528) for SGD 9.5 million on April 3, 2024. U Property Holdings Pte Ltd. entered into the Share Sale and Purchase Agreement to acquire New Chance Properties Pte Ltd from Second Chance Properties Ltd (SGX:528) on May 10, 2024. The consideration consists of SGD 9.5 million in cash.

As part of the consideration, SGD 9.50 million was paid towards common equity. New Chance Properties Pte Ltd reported the net profit of SGD 0.000362 million and total common equity of SGD 0.003443 million. The deal is subject to the shareholders?

approval of the Seller; shareholders? approval of the Purchaser and the Company; clearance, waiver or approval from the Singapore Exchange Securities Trading Limited and all such regulatory authorities as may be applicable and the written approval of HDB for the acquisition. The transaction is expected to complete (i) within 16 weeks from the date of the Share Sale and Purchase Agreement; (ii) within 4 weeks from the approval of HDB; (iii) in the event a conditional approval is received from HDB, 4 weeks from the date that HDB confirms that all unauthorized works in the Property have been rectified; or (iv) any other date mutually agreed in writing by the parties.