Sheng Siong

Sheng Siong: Grp to sell industrial property at Marsiling Rd for $15.0m to Lam Soon Cannery. The property comprises a 2-storey factory building with ancillary offices, a 2 storey warehouse, a 2-storey canteen building and a workshop. The property has approx floor area of 8.8k sqm. Based on an independent valuation report, the mkt value of the property is approx $10.8m as of 15 Aug 2011. The completion of the sale is subject to approval of HDB and any relevant statutory board. Co is of the view that after moving its corporate headquarters and distribution centre to Mandai, the property is no longer required for its operations and will book a gain of $11.3m from the sale.