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The three shophouses at 157, 159 and 161 Geylang Road is being sold for $8.63 million and occupies a land area of about 2,990 sq ft. Source: Google Maps
Chip Eng Seng has agreed to sell three of its shophouses at 157, 159 and 161 Geylang Road for $8.63 million to an unrelated third party.
The property is part two-storey, part four-storey corner commercial shophouse that was acquired by the group in 1993. It occupies a land area of about 2,990 sq ft,
The property is presently tenanted and is being sold with tenancy.
In an SGX filing, Chip Eng Seng revealed that the disposal is in line with the asset management strategy of the group to divest non-strategic or non-core assets.
“The group’s shophouse properties in Singapore do not contribute significantly to the group’s revenue and profitability as a whole,” it said. “The group has therefore undertaken an exercise to dispose its shophouse properties in Singapore.”
It revealed that the group has completed the disposal of its shophouse at 115 Geylang Road, while the disposal of its shophouse at 84/A/B and 86/A/B, Tanjong Pagar Road is still pending completion.
The company shared that the proposed disposal is not expected to significantly affect its net tangible assets and earnings per share for the present financial year ending 31 December 2021.
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Cheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email: cheryl@propertyguru.com.sg.
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