Malaysian property firm, TA Enterprise Bhd, which is listed on the Main Board of the Bursa Malaysia, has proposed to buy the entire issued shares of Quayside Gem Limited which fully owns Merchant Quay Pte Ltd.

Merchant Quay owns 4-star Swissotel Merchant Court Singapore located at Merchant Road on a 99-year leasehold land which commencing on 3 Feb 1994.

The proposed purchase price was not revealed but TA Enterprise has made an earnest deposit of SGD5 million. The company is expected to enter a sales and purchase agreement by 25 August 2009.

Swissotel Merchant Court Singapore has 476 rooms including 16 suites and six junior suites. It occupies a land area of 9,292 sqm and encompasses a total of 42,358 sqm gross building area.