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Far East inks deal to buy S$22.5m property at Ubi Avenue 3
FAR East Group has inked a deal to purchase a property along Ubi Avenue 3 for S$22.5 million, following a memorandum of understanding signed previously.
Far East Group will purchase 51 Ubi Avenue 3 from an independent third party, Moduslink, which is a subsidiary of supply chain and logistics services company, Moduslink Corporation.
The property has a gross floor area of 167,692 square feet and a leasehold tenure of 60 years beginning Jan 1, 1990.
The purpose of the purchase is to consolidate the operations of the group, which are currently being carried out at various locations in Singapore, Far East Group's announcement said. The consolidation is expected to "enhance management's oversight, operational efficiencies and interaction among the staff".
The proposed acquisition will be funded by existing cash and bank borrowings of the group.