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ABR Holdings unit buys Australia property for redevelopment

ABR Holdings, which runs restaurant chain Swensen's as one of its brands, has inked a deal to buy a property in Australia for A$20 million (S$20.2 million), it said in a Singapore Exchange filing on Sunday night.

Its wholly owned unit ABR Land Australia is buying the property, which has about 1.5 ha of land area, from Stambos Pty Ltd.

ABR Holdings said that it intends to redevelop the site at 2 Banool Avenue, Yarraville in Victoria, Australia, into residential houses for sale and added that the proposed purchase was in line with its strategy to "expand into selective property development businesses".

The A$20 million paid consisted of A$19 million for the property and A$1 million in commission.