Tat Hong unit surrenders Gul Crescent lease to JTC for pre-tax gain of S$9.5 million

Singapore

A WHOLLY owned unit of crane rental firm Tat Hong Holdings has accepted an offer from JTC Corporation for the surrender of its lease of 11 Gul Crescent for a total cash consideration of S$21 million, the group said in a Singapore Exchange filing on Monday.

The property, which had been leased by Tat Hong HeavyEquipment, had a net book value of about S$11.4 million as at Jan 31, 2016, and the group will recognise a pre-tax gain on disposal of around S$9.5 million, Tat Hong Holdings said in its statement.