SINGAPORE (Dec 26): Lian Beng, the construction group, is selling its third property in Melbourne, Australia, this year.

Wholly-owned subsidiary, Lian Beng Franklin Investment, has entered into a contract of sale for the proposed disposal of the property at 50 Franklin Street for an aggregate sale consideration of A$90.15 million ($93.5 million).

Lian Beng Franklin Investment in November 2016 acquired the freehold property for a purchase consideration of A$51.5 million.

The proposed disposal is an opportunity for the group to realise good value for this overseas property investment as well as to enhance its financial position, says Lian Beng.

In June, the group sold its Collins Street investment property. A month later, its 80%-owned property at St Kilda Road was also sold.

Ong Pang Aik, Lian Beng’s Executive Chairman, says, “Thus far, our overseas property investments have brought in positive returns. Together with our construction order book currently at $1.04 billion, we are optimistic looking forward.”

This story, written by PC Lee for The Edge Singapore, first appeared on Dec 26.