The 358 sq m site located at 20 Bukit Batok Crescent was previously used as an office and has since changed hands for $918,888. Source: Google Maps
Far East Group’s subsidiary, M-Tech Air-Con and Security Engineering (M-Tech), has agreed to sell its property at 20 Bukit Batok Crescent to Excellence Foodstuff Enterprise for $918,888.
With an area of 358 sq m, the property has a leasehold tenure of 60 years that started in March 1997. M-Tech had used the property as an office until March 2021 and is now vacant.
In an SGX filing on Wednesday (22 December), Far East noted that the property is a non-core, aged asset of the group and its disposal will allow the group to realise its value.
“The disposal will result in a net estimated positive cash inflow of approximately $892,500 (after deducting estimated expenses in relation to the disposal), thereby improving the liquidity of the group,” it said.
Notably, the group intends to use the net proceeds of the sale for M-tech’s general working capital requirements.
It also revealed that M-Tech had agreed to the request of the purchaser to “take over the property for storage purpose upon exercise of the option and payment of 4% of the purchase consideration upon exercise of the option”.
Cheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email: firstname.lastname@example.org.