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Wee Hur to sell Brisbane land for A$79 mil

By Angela Teo

/ EdgeProp |

December 13, 2017 11:43 PM SGT

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Wee Hur Holdings announced that it has entered into a put and call option agreement with Mirvac Office Developments – an entity related to Sydney-based developer Mirvac Projects – on Dec 5, for the proposed sale of a land plot in Brisbane at an aggregate price of A$79 million ($81.2 million).

The sale price, which excludes Australian GST, is above the book value of the land as at Sept 30 (about A$69 million) as provided by Wee Hur. Located near the Brisbane River, the 5,478 sq m plot of land is made up of a 3,690 sq m portion with primary frontage to Ann Street and a 1,788 sq m portion fronting Turbot Street.

Wee Hur estimates the net gain from the proposed disposal as at Sept 30 to be about A$7 million. This will be deployed to other developments in Australia, says Wee Hur.

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