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TEE Land Acquires Commercial Units and Carpark Lots In Sydney
Daily Bulletin | 22 October 2015
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TEE Land announced that its wholly-owned subsidiary, TEE Hospitality, has entered into a joint venture with Peter & Jan Clark (Clark) and Kenmooreland to establish a joint venture company, TCK Commercial, with an initial paid-up capital of AUD100 to acquire commercial units and car park lots in Sydney, Australia.

TCK Commercial is 55 percent held by the group, 10 percent held by Clark and 35 percent held by Kenmooreland. Clark and Kenmooreland are joint venture partners in the group’s Sydney hotels, Quality Hotel CKS Sydney Airport and Larmont Hotel.

TCK Commercial has entered into contracts to undertake acquisitions for 3 commercial units and car park lots located at Kings Cross Road, Potts Point NSW for a total consideration of AUD6.3m, expected to be completed in January 2016. The group will finance the acquisitions using its own internal funds and bank borrowings.

TEE Land  -- -- --   
Business: Co is a real estate developer pre-dominantly focused on the Singapore market. [FY18 Turnover] Property development (91.4%), hotel operations (6.4%), investment properties (2.2%).

Insight: Apr-19, 9M18 revenue rose 12.1% to $87.5m due to h... Read More

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