Hiap Tong sells Tuas South property for $4.8m

The sale reflects a loss on disposal of $236,155

Bachy Soletanche Singapore will purchase a Hiap Tong-owned property at 8 Tuas South Street 10, Singapore, for $4.8m.

The property has a land parcel of 12,000 sq m with a lease term of 22 years and seven months commencing on 31 May 2013 to expire on 30 December 2035.

The property market value was $6.5m as of 25 March 2024, whilst its net book value as of 31 March 2023 is $4,988,155, reflecting a loss on disposal of $236,155 based on net proceeds.

Hiap Tong received a $48,000 option fee and an acceptance fee equivalent to 4% of the consideration from Bachy Soletanche. 

Bachy Soletanche Singapore must pay the balance on 1 July or four weeks from the completion date.

Bachy Soletanche is required to fulfil Hiap Tong’s and JTC’s requirements, including the disposal of the property within three years from the issuance date of JTC’s Offer Letter, amongst others.