Chuan Hup unit buys three office space floors at Cecil Street for $31.7 million

SINGAPORE - Chuan Hup Holdings' wholly-owned subsidiary, ProVest Realty, is purchasing several office units at 143 Cecil Street.

The properties are about 1,492 square metres in total area, spread out over three floors. The acquisition will cost the company $31.7 million.

The properties are on a lease of 99 years, starting from October 1982.

The company said the purchase is being made for long term investment.

"The acquisition provides the group with an opportunity to own a strategically located commercial property, which will enable the group to earn a sustainable and recurring source of rental income," it said.