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Lian Beng unit to sell Australian property for A$90m

LIAN Beng Group announced on Tuesday that its wholly owned subsidiary, Lian Beng Franklin Investment Pty Ltd (LBF), has inked a deal to sell an Australian property that it purchased in November last year.

LBF will sell the property at 50 Franklin Street, Melbourne, for A$90.15 million (S$93.5 million). It had purchased the property for A$51.5 million.

The property is a freehold property with an 18-storey office building, comprising 18 strata lots, situated in the central business district of Melbourne.

"This proposed disposal is an opportunity for the group to realise good value for this overseas property investment as well as to enhance its financial position," Lian Beng Group said in its press release.

The construction group's executive chairman, Ong Pang Aik, said that the group was pleased with the capital appreciation of its investment in the Franklin Street property. "Thus far, our overseas property investments have brought in positive returns. Together with our construction order book currently at S$1.04 billion, we are optimistic looking forward," he added.