DBS Bank inks agreement to sell 33 Changi North Crescent

Applied Materials South East Asia bought the industrial site.

The DBS Bank Limited entered into an agreement with the Applied Materials South East Asia Limited to sell 33 Changi North Crescent, a property that the bank took over from construction engineering firm, Tee International. 

In an announcement, Tee International said DBS sold the property to Applied Materials South East Asia for $18m. The sale of the asset is seen to be completed on 18 July 2022.

Further, DBS will apply the proceeds of the sale “in satisfaction of outstanding amounts” owed by Tee International to DBS and other creditors who have the security of the sale proceeds and transaction expenses incurred by DBS.

In September last year, Tee International, whose share trading has been suspended since June 2021, received a notice that DBS will take over the 33 Changi North Crescent Property. 

Tee was also under probe for violating listing rules.