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Lian Beng's subsidiary to sell property in Australia for A$34m

A SUBSIDIARY of the Lian Beng Group is divesting a property in Melbourne for A$34 million (S$36.8 million).

Lian Beng (St Kilda) has entered into a contract of sale with an unrelated third party for the proposed sale of the property at Units 1-19 of 596 St Kilda Road.

Lian Beng (St Kilda) is a wholly-owned subsidiary of Goldprime Realty, an 80 per cent-owned subsidiary of the group.

The property is freehold and spans 1,803.6 square metres, with a three-storey residential complex comprising 19 separately titled apartments. It is situated on the southern precinct of St Kilda Road.

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The sale will be satisfied first with an initial deposit of A$1.7 million on the execution of the contract of sale, followed by a further deposit of A$1.7 million on Aug 1, 2017. The balance of A$30.6 million will be paid upon completion of the proposed disposal. The sale will be completed on or before Jan 22, 2018.

"The proposed disposal is an opportunity for the group to realise good value for its investment and enhance the group's financial position," said Lian Beng.