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Chip Eng Seng sells vacant Melbourne site for A$64.8m

Chip Eng Seng Corp has sold a vacant development site in Melbourne, Australia for A$64.8 million (S$69.2 million) plus goods-and-services tax, the construction and property group announced on Friday evening.

The 2,927-square metre site near the edge of the Melbourne central business district includes a two-storey heritage shell. It sits at the corner of Victoria and Bouverie streets near the northern tip of the major Swanston Street thoroughfare.

The sale includes a planning permit obtained in 2014 and marketing material for a 72-storey, 1,035-apartment mixed-use high-rise development.

The sale is not expected to have any material impact on Chip Eng Seng's net tangible assets or earnings per share for the year ending December 2015.

Chip Eng Seng shares closed at 96.5 Singapore cents on Friday before the announcement, up by 0.5 per cent or half a cent.

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