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Singapore-listed construction firm Lian Beng Group on Thursday (25 February) announced it’s proposed acquisition of Broadway Plaza (pictured) in Ang Mo Kio for S$51.5 million.
The property will be purchased through the group’s wholly-owned subsidiary LB Gold Land.
In a filing to the Singapore Stock Exchange, the group said it has entered into a sale and purchase
agreement to acquire State Rich International Limited, which owns the Broadway Plaza. The five-storey commercial property facing Ang Mo Kio Avenue 6 sits on a 18,450 sq ft land and has a gross floor area of approximately 55,351 sq ft. The property has a remaining lease tenure of approximately 61 years.
Lian Beng said the acquisition is a “strategic investment” for rental returns.
Lian Beng’s Executive Chairman, Ong Paing Aik, said: “This proposed acquisition of Broadway Plaza will add to our portfolio of property investments and provide us yet another recurring income. With its good location in a crowded and mature town central of a large HDB estate and its close proximity to the MRT station and bus interchange, we are optimistic that it will remain popular for tenants.”
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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