Lian Beng snaps up Khong Guan for $31m

It is an 8-storey freehold light industrial building.

Singapore-listed construction group Lian Beng Group has acquired an 8-storey freehold light industrial building at 20 Mactaggart Rd. for $31 million.

The group's subsidiary, Smooth Venture Pte. Lt., sealed the acquisition of the 57,019 sq ft. industrial building with a $544 psf.

The site is located 300m from Tai Seng MRT Station within the Macpherson/Tai Seng industrial estate. The building has a basement car park and enjoys prominent dual road frontage and entrances along Mactaggart Road and Burn Road.

The group is gunning to ramp up the occupancy of the building.

Lian Beng's Executive Chairperson Ong Pang Aik said rentals from this acquired property will contribute to the group's recurring income.

“Our strong financial position that we have built has enabled us to seize such investment opportunities. We can thus continue to grow our property investment segment to build stronger recurring income so as to mitigate the more cyclical nature of our other business segments,” Ong said.