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Nam Cheong sells office units at Suntec for $25 mil

/ EdgeProp |

September 13, 2017 10:34 AM SGT

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On September 7, Nam Cheong Limited announced that its wholly-owned subsidiary, Nam Cheong Property, will grant an Option to Purchase to a third-party purchaser. The sale involves office units #41-01, #41-02, and #41-03 of 8 Temasek Boulevard, Suntec Tower 3.

The Suntec property has a remaining lease period of approximately 70 years and 6 months. The property consists of 3 office units in a 43-storey office block, and a gross floor area of approximately 2,301 sq m.

According to Nam Cheong, the property will be sold for $25,040,560, which is a loss on disposal. Nam Cheong’s Board has decided that the disposal is in the interests of the group. All proceeds will be applied towards settlement of outstanding amount under a credit facility by DBS Bank and secured by the Suntec Property. This will reduce the group current financial liabilities and borrowings in light of on-going discussions relating to a Proposed Debt Restructuring.

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