Wee Hur to sell Brisbane land for A$65.1m

WEE Hur Holdings Ltd has agreed to sell a plot of land in Brisbane, Australia, for A$65.1 million (S$67.78 million).

It said on Thursday that its wholly owned unit Wee Hur (Ann Street) Pty Ltd had on Dec 24 entered into a put and call option agreement for the sale to "an unrelated and independent party".

Located in the Central Business District of Brisbane, this plot of land is part of the existing office building and an adjoining piece of land with a total land area of about 5,478 sq m.

The land will be reconfigured into two lots, one 3,690 sq m lot fronting Ann Street and the other 1,788 sq m lot fronting Turbot Street.

Wee Hur is selling the lot fronting Ann Street, while the other lot is being retained for future development.

"The Board is of the view that the sale of the property is in the best interest of the group and the sale proceeds from the proposed disposal will be used for other developments in Australia," Wee Hur said.