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IFS Capital Limited announced that it has completed the disposal of its property at Suntec Tower One for $29.5 million.
“The Board is pleased to announce that the disposal of the property has been completed on 23 November 2018,” it said.
In an SGX filing dated 31 August, the company revealed that it had granted Hong Realty (Private) Limited an option to purchase the property for $29.5 million.
With a leasehold tenure of 99 years which began on 1 March 1989, the property has a gross floor area of about 1,336 sq m and was previously used by the company as a corporate office.
IFS noted that no profits are being derived from the property as they do not conduct any operations there.
The company intends to use the proceeds of the sale for general working capital purposes of the group, it added.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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