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BRC Asia to sell Nassim Road house for S$38.38m

BRC Asia, the largest steel reinforcement supplier in Singapore, plans to sell a property located at 32G Nassim Road for S$38.38 million, it said on Monday.

The property, which has a land size of around 1,235 sq m, is currently under development for a two-storey detached house with a basement and a swimming pool. The Temporary Occupation Permit is expected to be obtained by year's end.

The property is held through BRC Asia's subsidiary Lee Metal Group.

An option to purchase has been entered into with an independent third party purchaser. The option shall expire at 4 pm on Sept 14; the sale and purchase of the property will be completed on or before Feb 26, 2021. The consideration will be paid fully in cash.

The price was arrived at on a "willing buyer, willing seller" basis, the group said.

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Based on a desktop valuation report dated May 21 issued by a professional valuer, the indicative market value on an "as-is" basis and the gross development value were S$37 million and S$39 million respectively. The valuation was commissioned by a local bank for financing purposes.

Based on BRC Asia's unaudited consolidated financial statements as at June 30, 2020, the net asset or book value of the property amounted to approximately S$33.3 million.

As the property is currently under development, the additional development costs to completion is yet to be finalised.

The group said it will make further announcements on the excess of sales price over book value upon completion of the sale.

The net cash proceeds of approximately S$37.8 million from the proposed property disposal will be used for full repayment of the term loan, which is secured by the property and for working capital purposes, the group said.

As of 30 June 2020, the outstanding balance of the said term loan was S$22.7 million. BRC Asia shares closed flat at S$1.13 on Monday.

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