Ocean Sky International sells Tuas View Close factory for $5.50mil

With a leasehold tenure of 60 years, the factory comes with an ancillary office and occupies a 1,599.30 sq m site. It is currently leased to Allbest Marine Supplies. Image: Google Maps

Ocean Sky International Limited has disposed its two-storey detached factory at 17 Tuas View Close to Allbest Marine Supplies for $5.50 million.

This comes after its fully-owned subsidiary, Ang Tong Seng Brothers Enterprises, granted an option to Allbest Marine Supplies to acquire such factory.

With a leasehold tenure of 60 years, the factory comes with an ancillary office and occupies a 1,599.30 sq m site. It is currently leased to Allbest Marine Supplies.

In an SGX filing, Ocean Sky International said the sale consideration was “arrived at based on arm’s length negotiation between the vendor and the purchaser, taking into consideration, inter alia, the prevailing property market conditions and current market prices of properties in the surrounding area”.

The property is valued at around $5.55 million as at 30 June.

It noted that the sale, which is expected to be completed on 31 December, is carried out “in the ordinary course of the group’s business of property investment and the board is of the view the proposed sale will not materially change the risk profile of the group”.

It revealed that the sales proceeds will be used to strengthening the group’s cash reserves and “to facilitate the funding of the group’s existing construction and engineering as well as property businesses and have ready capital for future investments”.

Source: CommercialGuru, 9 Nov 2020