LISTED outdoor furnishings specialist Sitra Holdings has obtained JTC approval to sell its Sungei Kadut property to World Furnishing Hub Pte Ltd (WFHPL) - a special-purpose vehicle jointly owned by tile specialist Hafary Holdings, two of its substantial shareholders and Sitra itself - for $8.65 million.

Sitra said that a sale and purchase agreement had been entered into yesterday.

WFHPL plans to redevelop the asset into a property with a market value of some $55 million. The development will have a gross floor area of about 300,000 square feet, of which some 250,000 sq ft will be for industrial use and the balance for commercial purposes.