Raffles United sells unit at Citimac Industrial Complex for $6.1m as part of collective sale

The eight-storey Citimac Industrial Complex is a freehold building comprising a factory, warehouse and showroom units.
The eight-storey Citimac Industrial Complex is a freehold building comprising a factory, warehouse and showroom units.ST PHOTO: ONG WEE JIN

SINGAPORE - Raffles United Holdings announced on Tuesday (Jan 29) that it has signed the transfer documents for its investment property - a unit at Citimac Industrial Complex - for gross proceeds of $6.1 million, as part of a collective sale.

The completion of the sale of the property, which has a freehold tenure with a land area of 436 square metres, will take place on March 6, 2019, provided that all owners comply with the execution of documents related to the collective sale by Jan 30, 2019.

The fair value of the unit as at Dec 31, 2018, was about $3.6 million. Based on the latest announced unaudited consolidated accounts of the group for the full year ended Dec 31, 2018, the sale of property will result in a net gain of about $2.5 million after deducting related expenses.

Assuming the sale of the property had been effected on Dec 31, 2018, the net tangible assets per share of the group would be 33.79 cents before the sale, and 34.86 cents after the sale.