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OUE Lippo Healthcare and Alkas Realty have both agreed to end a lease agreement early without any penalties.
In a filing to the bourse operator on Saturday, OUE Lippo Healthcare said the lease pertains to an earlier acceptance of a letter of offer from Alkas Realty for the lease of office premises. The lease started in July this year.
OUE Lippo Healthcare said in lieu of the Alkas lease, it has agreed to a sub-lease deal dated Nov 30 with Healthway Medical Corporation Ltd (HMC).
Under this agreement, OUE will sub-lease the premises located at OUE Downtown 2. HMC is the master lessee under a master lease made with Alkas in respect of the premises and the latter has consented to the subletting of the premises by HMC.
OUE Lippo Healthcare has entered into the agreement for a period of 36 months commencing on Aug 1 and expiring end-July 2020. The term comprised a rent-free period of four months between Aug 1, 2017 to Nov 30, 2017.
Under the terms of the agreement, OUE Lippo Healthcare agrees to pay about S$653,107 in all for the term of the sub-lease agreement. This amount falls below 3 per cent of the group's latest audited net tangible assets value as at end-December 2016 of S$131.7 million.