Vicom the largest Singapore-based inspection of vehicles is granted a tender to lease of a parcel of land located in Jalan Papan (Plot 2) at a cost in the amount of $7.9 million.
The tender, with a the lease term for 20 years was granted to Jurong Town Corporation (JTC). Jurong Town Corporation (JTC).
The site portion of the parcel is 12,400.4 square meters (133,476.8 sq feet) and is designated to industrial use.
Vicom’s wholly owned subsidiary, Setsco Services, will develop the land parcel. After the completion of the development, the land will be utilized for testing, inspection , and certification. It is also expected to be replaced by Pioneer’s JIC Inspection Centre at Pioneer which lease is ending in November 2024.
JIC Inspection Centre JIC Inspection Centre is owned and managed by Vicom’s 78%-owned company, JIC Inspection Services Pte Ltd.
In the case of the offer price of 25% (minus the deposit for tender of $350,000, which was previously paid) is due by January 5th 2023. And the remainder of 75% remaining balance must be due by March 8, 2023.
According to Vicom the price of the tender was determined after taking into the prices of the successful tenders for the three previous lease tenders for parcels of land owned by JTC.
The tender price will be made via internal funds. It is not anticipated to have any significant impact on Vicom’s nettang assets (NTA) (EPS) or profits per share (EPS) for FY2022 that ended on December 31st.