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The Straits Trading Company
THE Straits Trading Company said its unit Straits Real Estate had entered into conditional sale and purchase agreements to divest four freehold residential properties in Osaka for 8.25 billion yen (S$100 million), realising a gain of 890 million yen.
The company's subsidiary had earlier acquired these properties in 2016 and 2017 for 7.36 billion yen in total.
Valuation done as at June 30 showed that these properties with a total of 516 apartment units - Luxe Taisho, Luxe Shin Osaka, Luxe Dome Mae and Splendid Namba II - were worth 7.82 billion yen.
The company's expenses outstripped takings for the first quarter ended October, resulting in losses of S$602,000. But it was an improvement compared with the S$1.06 million losses for the corresponding period a year ago. Also, revenue rose by about 34 per cent to S$1.54 million from S$1.14 million for the quarter. While its expenses were flat at S$2.25 million, they were more than revenue - just like the year-ago period.