Mooreast acquired the facility from Seatrium New Energy in March for $12.5 million as part of its strategic pivot towards the offshore renewable energy market.
Mooreast Holdings has agreed to divest 51 Shipyard Road for a cash consideration of $29.7 million. On April 27, the group announced that it had granted an option to purchase to HLMG-Nuform System for the sale of the leasehold 30,691 sqm (323,000 sq ft) property. The land — comprising Lots 192V, 193P and 288L of Mukim 7 — is held under a 30-year lease from Jurong Town Corporation (JTC) from July 1, 2013.
The group will receive net proceeds of $19.2 million, which it will use for expansion, capital expenditure and operational build-out purposes at its newly-acquired facility at 60 Shipyard Crescent.
