MAINBOARD-listed MYP Ltd announced on Friday that it has, through wholly owned subsidiary Affreton Pte Ltd, agreed to sell freehold MYP Plaza at 135 Cecil Street for S$247 million.

According to an exchange filing, the buyer is affiliated to Filipino billionaire Lucio Tan's group of companies, a conglomerate based in the Philippines.

MYP, an investment holding company, added that the sale price was arrived at after arms' length negotiations, taking into account the property's indicative open market value as determined by an independent third-party property valuer.

MYP said that its board believes that the disposal of the property "maximises the interest of shareholders" as it is in "strategic alignment with the group's future plans and overall strategy".

It cautioned, however, that while the offer is legal and binding, the sale was still subject to the satisfactory results of a due diligence exercise, and the execution of a definitive agreement during the due diligence period.

The property is a 14-storey freehold office tower located in the central business district, and has a net lettable area of around 82,334.28 square feet (sq ft) with three basement car park levels.

It is situated near Raffles Place, Tanjong Pagar and Telok Ayer MRT stations.