Wee Hur's sale of Brisbane land to take place on Aug 16

WEE Hur Holdings' sale of 62-80 Ann Street and 71-97 Turbot Street in Brisbane to Mirvac Office Developments will take place on Aug 16, a month after its buyer exercised its call option on July 17.

Wee Hur (Ann Street), a subsidiary of Wee Hur Holdings, executed the contract on July 23.

When the sale takes place, the buyer shall pay to Wee Hur (Ann Street) the first instalment of the sale price amounting to A$66 million (S$66.7 million), subject to adjustment in accordance with the Contract plus Australian GST, and Mirvac Projects will guarantee the payment of the balance sale price of A$13 million.   

The land is located within the Central Business District of Brisbane and has a total land area of approximately 5,478 sq m.

Wee Hur's shares closed 0.5 Singapore cent lower at S$0.23 on Monday before the announcement was made.