Abterra plans to sell two Suntec office units at S$3.8 million loss

MINERALS and resources company Abterra Ltd on Wednesday said it has entered an option agreement to sell two office units at Suntec Tower 1 for S$9.24 million. The group will incur a pre-tax loss on the proposed disposal of about S$3.76 million. The net book value of the property stood at S$13 million as at Dec 31, 2015.

The units, with an aggregate floor area of 4,400 square feet, were held for rental income but have been vacant for 2.5 months, Abterra said in a regulatory filing. Sale proceeds would be used to reduce bank borrowings and go towards working capital.