Ho Bee Land unit disposes of 2 industrial properties for $115m

The consideration for the disposal will be satisfied wholly in cash.

Ho Bee Realty, Ho Bee Land’s wholly-owned subsidiary, has disposed of two industrial properties for $115m.

In a bourse filing, the developer said the consideration for the disposal will be satisfied wholly in cash.

The properties, which Ho Bee Realy disposed of, are HB Centre 1 at 12 Tannery Road and HB Centre 2 at 31 Tannery Lane.

HB Centre 1 is a 10-storey high-tech industrial building with a gross floor area of 9,347 square metres, whilst HB Centre 2 is an 8-storey light industrial building with a gross floor area
of 3,701 square metres.

As of 15 March, the purchaser of the properties has paid $11.5m or 10% of the price consideration. 

The purchase will pay the remaining balance upon completion of the disposal. 

“Based on the last valuation of the properties of $67.9m, the gain on disposal is $47.1m before deducting selling expenses. This gain will be reflected in the group’s consolidated earnings and net tangible assets in the period that the disposal is completed,” the company stated.