Singapore Post (SingPost) has sold its 10 HDB shophouses to Teo Kiang Ang, founder and non-executive chairman of Union Gas, for $55.5 million via an expression of interest, reported Chinese daily Zaobao. Teo is also the chairman and CEO of taxi service provider, Trans-cab.

The transaction was said to take place on Aug 4, where Teo had made the highest asking price, which was 11% higher than SingPost’s asking price of $50 million.

The Edge Singapore had reported, in May, that SingPost initiated the divestment of the 10 shophouses with plans for a sale and leaseback model at the time.

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According to a SingPost spokesperson, the locations of the shophouses are at Tanjong Pagar, Teban Gardens, Clementi West, Towner Road, Serangoon Central, Jurong West, Ang Mo Kio, Bukit Merah Central, Ghim Moh Estate and Bedok North.

On June 19, a sale-and-leaseback bid was conducted. Several media outlets reported that the shophouse in Bedok North has the highest asking price of $7.1 million, while the Teban Gardens shophouse has the lowest at $2.4 million.

All 10 shophouses are said to bring in an average yield of 4.32% to 4.98%, according to Zaobao.

This story first appeared on The Edge Singapore.