SINGAPORE - Kian Ho Bearings is acquiring 10 strata-titled commercial units at Peace Centre for $15.3 million.
The units are currently tenanted.
They are part of a leasehold development at 1 Sophia Road that has a remaining tenure of 55 years.
No valuation was undertaken for the purpose of this transaction.
Kian Ho said the purchase was to expand the scope of the current core business of the group to include property investment and property development.
The board reckoned the acquisition was in line with the group's strategic plans and on-going efforts to pursue suitable new investment opportunities.
The units will give the Kian Ho further exposure to the property sector, and will provide it with an additional source of revenue.