Nam Cheong to sell Paya Lebar property for $4.5m

It has a gross floor area of around 5445 sqm.

Shipbuilding company Nam Cheong Limited (Nam Cheong) puts up a unit at 146B Paya Lebar Road, #02-01 Ace Building for sale for $4.5m.

According to an announcement, it is a freehold property with a gross floor area of around 545 sqm.

Nam Cheong expects its net tangible assets (NTA) to grow to $442m (RM1.4b).

Earnings are also expected to reach $11.3m (RM35m).

The company said the property will be sold in light of the downturn in the oil and gas industry, where they have to restructure business and debts.

The proceeds will go to the settlement of a debt from a credit facility granted by DBS Bank Limited and secured by the Paya Lebar Property.

However, Nam Cheong intends to ask for a lease for the new owner, in order for it to continue its operations.