Hiap Hoe sells Australian property for S$117.9 million

SINGAPORE - Singapore developer Hiap Hoe has sold a property in Australia for A$116.3 million (S$117.9 million).

Hiap Hoe announced on Singapore Exchange that the freehold property located at 206 Bourke Street in Melbourne, will be transferred to Australian property fund manager ISPT Pty Ltd by late January next year.

The proposed sale will be made through its subsidiary Meteorite Property (Bourke Street) Pty Ltd.

The total purchase consideration for the property is A$116,280,000 before tax. Five per cent of this sum, or A$5.8 million, has been paid upon signing of the contract on Dec 21. The remaining 95 per cent, or A$110,466,000, will be paid upon full settlement of the contract, which is scheduled to take place on Jan 21 next year.