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.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Sanofi Q1 profit slips on generic competition, forex effects
Toyota hits record annual output, sales on robust demand
Latest Singapore 6-month T-bill offering cut-off yield of 3.74% as applications dip
Suntec Reit Q1 DPU down 13% to S$0.01511 in absence of capital distribution
Nissan, Mazda roll out new models for China as they aim for comeback
South Korea readies new system to detect illegal short-selling