Felicia Tan
The property is a freehold four-storey commercial building with an attic
Lian Beng (Joo Chiat), the subsidiary of SGX-listed Lian Beng Group, has granted an option to sell 381 Joo Chiat Road to an unrelated third party for a sale consideration of $42 million.
The property is a freehold four-storey commercial building with an attic and a basement carpark. Lian Beng had acquired the property in March 2018 for $27 million.
The option, which was granted on Sept 8, is exercisable by the purchaser at its discretion within 14 days from the date of the option, and a binding sale and purchase agreement will be formed.
The completion of the sale will occur 12 weeks after the exercise of the option.
The disposal is expected to have a positive impact on Lian Beng’s net earnings per share (EPS) and the net tangible assets (NTA) per share for the current financial year ending May 31, 2023.