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LEY Choon Group's subsidiary Teacly is selling a property to Double-Trans for S$6.8 million.
The property is at 4 Sungei Kadut Street 2 and is a leasehold property from JTC with a leasehold tenure of 15 years that commenced from Sept 1, 2010. It covers a land area of 4,239.6 square metres.
"The company intends to use the entire net proceeds for repayment of bank borrowings in accordance with a debt restructuring plan," it said.
The group has been undergoing a debt restructuring programme with lenders, which encompasses disposal of non-core assets and non-core businesses.
The sale is subject to certain conditions.