Far East Group one step closer to selling Lavender Street property

INDUSTRIAL refrigeration systems and products distributor Far East Group is planning to dispose of its property at 112 Lavender Street after a buyer, to whom it has issued a conditional option, decided to exercise it.

Chang Hua Construction, whom it previously identified as the buyer, has paid S$1.08 million as a deposit to the company, it said in an exchange filing.

Far East had said it intends to dispose of the property for about S$27 million.

Net proceeds from the proposed disposal of about S$26.2 million will be utilised for working capital, business expansion and future investment opportunities, the company said.