OKP Holdings subsidiary to purchase Perth property for A$43.5m

OKP Holdings announced that its subsidiary Bennett WA Investment has entered into a contract for sale to purchase a property in East Perth, Western Australia for A$43.5 million (S$45.2 million).

The group intends to purchase the property for investment, and the rental income is expected to contribute to the revenue of the Group.

The purchase price of A$43.5 million was arrived at through a bidding process. The group had submitted a bid at the purchase price, after taking into account the prevailing market conditions and market prices of properties in the surrounding area. No valuation of the property has been commissioned by the group.

The property is a freehold nine-storey office complex comprising two adjoining buildings with approximately 10,219 square metres of net lettable area and parking for 268 vehicles. It occupies a land area of approximately 3,115 square metres that is zoned "Office/Residential".

The property is situated 900 metres west of the Perth CBD core on the eastern side of Bennett Street between Adelaide Terrace and Terrace Road.

The purchase will be funded by internal resources and bank borrowings. It is expected to have a positive impact on the earnings per share or net tangible assets per share of the company for the current financial year ending Dec 31, 2018.