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Lian Beng-led consortium to sell another 8 office units at Prudential Tower
A CONSORTIUM led by Lian Beng Group Ltd has executed a non-binding letter of intent to dispose eight strata office units spanning 55,711 sq ft in Prudential Tower to an unrelated third party.
Including these units, the consortium, Epic Land Pte Ltd, would have sold almost all available office units in the building.
The buyer for those eight units has been given an exclusive period of six weeks, with an option to extend for a further two weeks, to conduct due diligence review for the proposed disposal, Lian Beng said on Thursday.
Lian Beng owns 32 per cent in Epic Land; the other consortium members of Epic Land are KSH Holdings (28 per cent), KOP Limited (25 per cent) and Centurion Global (15 per cent).
Epic Land completed a S$512 million acquisition of a 92.8 per cent stake in Prudential Tower from real estate investment trust Keppel Reit in September 2014. It has been selling strata units at Prudential Tower in the past few years. The office building is on a site with a balance lease term of 78 years.
Lian Beng's independent director and shareholder, Ko Chuan Aun, is also the president, executive director and shareholder of KOP Limited, and sits on the board of KSH Holdings as independent director.