Chip Eng Seng to sell three shophouses at Geylang Road for $8.63 mil

By Charlene Chin
/ EdgeProp Singapore |
Raymond Chia, group CEO of Singapore-listed conglomerate Chip Eng Seng Corp (Credit: Samuel Isaac Chua/EdgeProp Singapore)
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SINGAPORE (EDGEPROP) - Property and construction firm Chip Eng Seng has entered an agreement to sell three of its shophouses at 157, 159 and 161 Geylang Road for $8.63 million to an unrelated party. (See also: Three conservation shophouses in Geylang for sale at $12 mil)
Acquired by the firm in 1993, the property, which is the group’s remaining shophouse property in Singapore, comprises a partly two-storey, partly four-storey corner commercial shophouse, occupying a land area of approximately 2,990 sq ft.
It is currently tenanted and will be sold with tenancy.
“The group’s shophouse properties in Singapore do not contribute significantly to the group’s revenue and profitability as a whole. The group has therefore undertaken an exercise to dispose [of] its shophouse properties in Singapore,” Chip Eng Seng says in Singapore Exchange filing.
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The option fee of $86,300, at 1% of the purchase price, has been paid to CES Capital, its wholly owned subsidiary.
Chip Eng Seng also adds that it has since completed the disposal of its shophouse property located at 115 Geylang Road, while the disposal of its shophouse properties located at 84/A/B and 86/A/B Tanjong Pagar Road is pending completion on Dec 23.
Check out the latest listings near 161 Geylang Road, Tanjong Pagar
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