Tat Hong has sold a 2.2 acre property it owned in Singapore, as part of its plans to raise cash and reduce costs.
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Tat Hong has sold a 2.2 acre property it owned in Singapore, as part of its plans to raise cash and reduce costs.
The yard, warehouse and office block at 18 Sungei Kadut Avenue, was purchased by Top Zone Construction and Engineering for S$7 million ($5 million). It has a remaining lease of seven and half years, expiring at the end of October 2022. The property had a net book value of S$2.8 million and will therefore show a gain S$4.1 million after expenses in this years accounts.
The company plans to consolidate its Singapore operations in the Tuas area and by moving some of its less time sensitive operations to Johor, Malaysia.
