Hong Lai Huat to sell Cambodia investment property for US$1.12m

MAINBOARD-listed property developer Hong Lai Huat Group is selling its investment property in Cambodia for US$1.12 million, the company announced on Monday morning before market open.

The company said it has entered into a sale and purchase agreement for the property in Kandal Province, Cambodia. The identity of the buyer was not disclosed.

The property has a land area of 8,499 square metres (sq m), and a built-up area of 4,698 sq m for the factory, the company said.

It added that completion of the agreement will take about 90 business days.

Shares in Hong Lai Huat closed at 25 Singapore cents on Friday, down 1.96 per cent, or 0.5 Singapore cent.