Emerging Towns & Cities Singapore (SGX:1C0) has completed the sale of unit DAS to Grand Ally Investments for SG$4 million, according to a Thursday filing on the Singapore Exchange.
The property developer has received SG$2 million for the deal, with the remaining SG$2 million payable in two tranches within 12 months.
The transaction includes a collateral agreement securing the payment against property units valued at SG$3.1 million and the release of Emerging Towns & Cities Singapore from a $33 million corporate guarantee tied to Golden Land Co.
Emerging Towns & Cities shares have remained suspended since March 2021.
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