Sep 18, 2020
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Thye Hong Centre is a six-storey freehold industrial building located at 2 Leng Kee Road. It occupies a 5,952 sq m site. Photo: Google Street View

SLB Development, via its fully-owned subsidiary Wealth Space, has entered into a sale and purchase agreement with Thye Hong Manufacturing for the acquisition of Thye Hong Centre for $112.5 million.

Thye Hong Centre is a six-storey freehold industrial building located at 2 Leng Kee Road. It occupies a 5,952 sq m site.

In an SGX filing, SLB revealed plans to “redevelop the land on which the development is situated, which is in line with the business of the group as a property developer”.

It added that it does not intend to keep the development for long-term rental income.

“The acquisition of the development is pursuant to the ordinary course of business of the group and the proposed acquisition is in line with the Group’s long-term growth strategy to expand its business through the purchase and development of quality properties,” it said.

“With this, the group will be able to reap the benefits of the rising property market and maximise shareholders’ value.”

SLB added that the purchase price for Thye Hong Centre will be funded using internal funds and long-term bank borrowings.

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Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg

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