Lian Beng to buy Broadway Plaza in Ang Mo Kio for S$51.5m

CONSTRUCTION group Lian Beng has inked a deal to buy Broadway Plaza in Ang Mo Kio for S$51.5 million, it said in a Singapore Exchange filing on Thursday.

Broadway Plaza is a leasehold 5-storey commercial property in Ang Mo Kio Central facing Ang Mo Kio Avenue 6.

The property sits on a land area of 18,450 sq ft and has a gross floor area of approximately 55,351 sq ft, Lian Beng said, adding that the property has about 61 years left on its lease.

It bought this as a "strategic investment" for rental returns, it said.

It is making the purchase via a wholly owned subsidiary, LB Gold Land, which is buying Broadway Plaza's holding company, State Rich International Limited, from Yong Khong Yoong Mark.

Lian Beng shares were flat at S$0.435 on Thursday.