SINGAPORE - Engineering firm Yongnam Holdings will sell a land parcel and building in Nusajaya, Johor for 153.5 million ringgit (S$60 million) in cash.

The property, which is at No. 27 Jalan SiLC 1/5, Kawasan Perindustrian SiLC, 79200, will be sold to Axis Real Estate Investment Trust, the firm said on Tuesday.

Based on the latest valuation report, the property has a market value of 167.5 million Ringgit.

Yongnam, which is a tenant at the property now, will continue to lease the premises for another 15 years.

"Yongnam has been exploring various avenues to improve and enhance its financial position. The sale transaction will unlock equity tied up in the property," the firm said in a statement.

It added that the proceeds from the sale is expected to be used as working capital and to fund the firm's investments in infratructure developments in the region.

The completion of the sale is estimated to be on Dec 31.