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Boustead Projects to sell 25 Changi North Rise for $10.5 mil

PC Lee Published on Thu, Sep 07, 2017 / 6:29 PM GMT+8

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SINGAPORE (Sept 7): Boustead Projects’ wholly-owned subsidiary, BP-UMS has entered into a sale and purchase agreement for the sale of the leasehold interest in the land and buildings at 25 Changi North Rise for $10.5 million.

Prior to the completion of the proposed sale, the property has a net book value of $4.5 million. The excess of the proceeds of the property over its net book value is $6 million.

BP-UMS was granted a land lease of 30 years starting on Feb 1 2007 by JTC Corporation, the head lessee of the property. The property was developed by BP-UMS under a design-build-and-lease arrangement with the anchor tenant, UMS.