The cost of acquisition of the Tuas Property by the Tiong Seng was $18,5 million, and the monthly gross rental payable by the group for the Tuas Property is $1.00. The Tuas Property is mortgaged in favour of Malayan Banking Berhad as security for credit facilities extended to the group, under which $1.02 million is outstanding as at Dec 31, 2024.
Tiong Seng Holdings will be selling its asset at 6 Tuas South Street 11, Tiong Seng @ Tuas South, to an unrelated third party for a consideration of $10.5 million.
On June 18, the company granted an option to purchase the Tuas Property, which is a leasehold property granted by Jurong Town Council to TSC with a leasehold tenure of 20 years and six months from May 27, 2015.
