Chip Eng Seng subsidiary to purchase industrial sites

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Construction and property group Chip Eng Seng Corp Ltd has announced that its subsidiary, Evervit Development Ltd., has entered into an agreement to acquire the freehold industrial sites located at No. 98 and 100 Pasir Panjang Road for about $62.8 million. This excludes Goods and Service Tax (GST).

The Pasir Panjang industrial sites have a total area of 54,201 sq ft with a plot ratio of 2.5. It can be redeveloped into an industrial complex.

The acquisition will be funded through internal sources and bank borrowings.

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