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Lian Beng acquires Khong Guan Industrial Building for S$31m
CONSTRUCTION firm Lian Beng Group announced on Monday it has acquired Khong Guan Industrial Building, an eight-storey freehold building at 20 Mactaggart Road, for S$31 million.
The deal was done through Lian Beng's wholly owned subsidiary Smooth Venture. The light industrial building has a gross floor area of 57,019 square feet.
The purchase amount means the price per square foot is approximately S$544. The building, located 300m from Tai Seng MRT Station in the MacPherson/Tai Seng industrial estate, sits on an area of 21,123 square feet. It is zoned for "Business 1" use at a plot ratio of 2.5, according to URA Master Plan 2014.
Lian Beng executive chairman Ong Pang Aik said: "Our strong financial position that we have built has enabled us to seize such investment opportunities. We can thus continue to grow our property investment segment to build stronger recurring income so as to mitigate the more cyclical nature of our other business segments."