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Hiap Hoe to sell Melbourne property for A$116.3m (Amended)

LISTED Singapore developer Hiap Hoe has agreed to sell a property in Australia for A$116.3 million (S$117.8 million). The transfer is expected to be completed by late January next year.

The property, located at 206 Bourke Street in Melbourne, will be transferred to Australian property fund manager ISPT Pty Ltd.

Hiap Hoe entered into a formal contract of sale with ISPT on Monday, said the company in a filing to the Singapore Exchange on Tuesday morning.

The total purchase consideration for the property is A$116,280,000 before tax. Five per cent of this sum, or A$5.8 million, has been paid upon signing.

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The remaining 95 per cent, or A$110,466,000, will be paid upon full settlement of the contract, which is scheduled to take place on Jan 22 next year.

Hiap Hoe's counter traded flat at S$0.69 as at 9.32am on Tuesday.

Amendment note: Hiap Hoe issued a correction to the date of which the full settlement is expected to take place. The article above has been revised to reflect this.