SINGAPORE - Mainboard-listed MYP said on Tuesday (June 26) that it has, through wholly owned subsidiary Affreton, entered into a definitive agreement with Golden Estate Properties to sell freehold MYP Plaza for $247 million.

Completion of the proposed disposal is expected to occur on July 20 or such other date that is mutually agreed by both parties in writing.

The buyer is affiliated to Filipino billionaire Lucio Tan's group of companies, a conglomerate based in the Philippines, based on an earlier filing on April 27.

The property at 135 Cecil Street is a 14-storey freehold office tower located in the central business district, and has a net lettable area of around 82,334.28 sq ft with three basement carpark levels.