Ley Choon subsidiary to divest property at Sungei Kadut for S$6.8m

LEY Choon Group's subsidiary Teacly is selling a property to Double-Trans for S$6.8 million.

The property is at 4 Sungei Kadut Street 2 and is a leasehold property from JTC with a leasehold tenure of 15 years that commenced from Sept 1, 2010. It covers a land area of 4,239.6 square metres.

"The company intends to use the entire net proceeds for repayment of bank borrowings in accordance with a debt restructuring plan," it said.

The group has been undergoing a debt restructuring programme with lenders, which encompasses disposal of non-core assets and non-core businesses.

The sale is subject to certain conditions.