Lum Chang Holdings to acquire freehold property in London

Singapore-listed Lum Chang Holdings is set to acquire a freehold property in London.

It announced on Tuesday that its subsidiary Pembridge Palace Propco entered into a sale and purchase agreement with Purple Sky Sarl on Dec 9 to acquire the freehold property for about S$52 million ($26 million pounds).

The project is located at 52 to 57 Prince's Square, London, in the city of Westminster Borough next to tourist attractions such as Hyde Park and Kensington Gardens.

The property extends to about 30,099 sq ft within six intercommunication buildings, and is leased to a sole tenant which operates the property as a hotel.

The acquisition was meant as an investment, said Lum Chang Holdings in a statement.