Keong Hong Holdings buys property in Osaka, Japan (Amended)
PROPERTY developer Keong Hong Holdings has bought a commercial building located in Minamihorie, Osaka in Japan for 950 million yen (S$11.64 million) on Thursday.
The purchase was carried out through Grandwood (Japan), its indirect wholly-owned subsidiary, it announced on the same day.
The property, which comprises ownership of the land and building, is approximately 293.65 square metres. The nine-storey building with a basement, has a net rentable area of 1,626.04 square metres.
Located near Minamihorie District, it is a four-minute walk from Yotsubashi Station.
As on Feb 28, it is 100 per cent tenanted, mainly by offices.
The acquisition, which is in line with the company's strategy of creating sustainable recurring income, will provide an alternative income stream for Keong Hong.
The Mainboard-listed Keong Hong, which started out as a contractor in 1983, branched into property development in 2012 through a joint venture with Frasers Centrepoint Limited to develop the Twin Waterfalls executive condominium (EC) in Punggol.
Amendment note: An earlier version of this article stated that Keong Hong Holdings is a Catalist-listed company, Keong Hong is listed on the Mainboad. The company was transferred last August.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Global equity funds see surge in outflows as rate cut hopes fade
Gazelle Ventures makes cash offer for No Signboard shares at S$0.0021 apiece
Global wave of consultancy layoffs has not hit Singapore
P&G raises annual core profit forecast on resilient demand, price hikes
American Express beats profit estimates on strong spending by wealthy customers
Sheng Siong shareholders press for details on capital allocation, M&A opportunities