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Far East Group Limited has completed the disposal of its four-storey building at 112 Lavender Street.
With a land area of 1,936 sq m, the freehold property serves as the regional headquarters of the group’s operations. As at end of last year, the property has a net book value of $4.2 million.
The company had earlier said that the proposed disposal will “enable the group to realise the value of the property and provide liquidity and cash capital for the group, especially since the property is a non-core asset of the group”.
In an SGX filing, Far East revealed that the disposal was completed on 29 June.
It added that the net proceeds from the proposed disposal “will be utilised for working capital, business expansion and future investment opportunities”.
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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