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PROPERTY developer Keong Hong Holdings has bought a commercial building located in Minamihorie, Osaka in Japan for 950 million yen (S$11.64 million) on Thursday.
The purchase was carried out through Grandwood (Japan), its indirect wholly-owned subsidiary, it announced on the same day.
The property, which comprises ownership of the land and building, is approximately 293.65 square metres. The nine-storey building with a basement, has a net rentable area of 1,626.04 square metres.
Located near Minamihorie District, it is a four-minute walk from Yotsubashi Station.
As on Feb 28, it is 100 per cent tenanted, mainly by offices.
The acquisition, which is in line with the company's strategy of creating sustainable recurring income, will provide an alternative income stream for Keong Hong.
The Mainboard-listed Keong Hong, which started out as a contractor in 1983, branched into property development in 2012 through a joint venture with Frasers Centrepoint Limited to develop the Twin Waterfalls executive condominium (EC) in Punggol.
Amendment note: An earlier version of this article stated that Keong Hong Holdings is a Catalist-listed company, Keong Hong is listed on the Mainboad. The company was transferred last August.