Chip Eng Seng unit to sell Australia property for A$65m

Singapore

PROPERTY company Chip Eng Seng's wholly-owned subsidiary, CES Gladstone (Vic), is selling a property in Australia for A$65 million (S$65.6 million) to a trust related to American real estate developer Greystar.

The deal is expected to be completed on March 31 next year. The buyer will first pay a deposit of A$3.25 million, equivalent to 5 per cent of the sale price, and the remaining sum upon completion.