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An indirect subsidiary of SLB Development has exercised the option to acquire Pei-Fu Industrial Building for $76.25 million.
Located at 24 New Industrial Road, the freehold industrial property has a land area of about 62,345 sq ft.
SLB revealed that it intends to “redevelop the property, subject to obtaining all the necessary approvals from the relevant authorities”.
It noted that the acquisition will be funded by internal resources and external borrowings.
It has already paid the $3.81 million deposit, while a similar sum will be paid upon consent of the collective sale by the Strata Titles Board or the High Court. The remaining purchase price will be paid on legal completion of the sale.
SLB does not expect the acquisition to materially affect the group’s net tangible assets and earnings per share for the current financial year ending 31 May.
A spin-off of mainboard-listed Lian Beng Group, SLB was recently listed on the Catalist Board of the Singapore Exchange.
SLB had a market capitalisation of around $228.3 million at the close of its initial public offering, based on a total of 913 million issued and paid-up shares.
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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