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Lian Beng Group’s unit has entered into a contract of sale for the proposed disposal of a property in Melbourne, Australia for A$90.15 million (S$93.6 million).
Acquired at A$51.5 million in November 2016, the freehold property at 50 Franklin Street comes with an 18-storey office building comprising 18 strata lots.
Lian Beng noted that the proposed disposal is “an opportunity for the group to realise good value for this overseas property investment as well as to enhance its financial position”.
Notably, the group has disposed of its fully-owned investment property at Collins Street, Melbourne in June 2017 as well as its 80 percent-owned property at St Kilda Road, Melbourne in July 2017 to realise capital appreciation of such properties.
“Thus far, our overseas property investments have brought in positive returns. Together with our construction order book currently at S$1.04 billion, we are optimistic looking forward,” said Lian Beng executive chairman Ong Pang Aik.
This article was edited by Keshia Faculin.
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