Far East Group one step closer to selling Lavender Street property
Add BT as a preferred sourceINDUSTRIAL 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.
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