Hafary

Hafary: Has sold all its freehold Aljunied units at a collective consideration of $65.3m. Co has sold 59 units on the development of 29.1k sq ft. The initial plan was to develop a 6-storey building on the plot to serve as co’s headquarters and showroom. The gain on disposal is approx $22.4m which will be recognized upon completion of construction and sale (est before 2013). Co has current mkt cap of approx $50.6m with P/B of 1.8x. Gain is significant compared to co’s mkt cap.