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HUPSTEEL Limited has sold its property at 359 Jalan Besar through public auction at a cash consideration of S$5.23 million plus GST.
The sale has taken into account the latest open market value of S$4.4 million, which was based on professional valuation by CKS Property Consultants using market comparison method on May 23, it announced on Thursday.
The group said the rationale for the sale was that the property was not an integral part of its trading operations, and that occupancy rate and rental yield were also below expectation.
Hupsteel said it did not want to commit more resources to enhance the rental attractiveness of the place on top of meeting the more stringent conservation requirements imposed on the property.
Hupsteel's management also wanted to focus on its mainstream trading operations in challenging market conditions.
The net proceeds may be used to repay existing bank borrowings, deposited with banks and financial institutions and used as working capital, it said.