S’pore firms sell Melbourne housing project for AU$34m

The three-storey residential complex in Melbourne comprises 19 apartments, and is located in the St Kilda Road area.

Singapore-based firms Lian Beng Group and KSH Holdings have jointly sold a freehold property at 596 St Kilda Road in Melbourne, Australia for AU$34 million (S$36.71 million), revealed an SGX filing on Monday (24 July).

The transacted asset comprises a three-storey residential complex with 19 separately titled apartments sited on 1,803.6 sq m of land. It is in the southern precinct of St Kilda Road and benefits from two street frontages.

The property was sold to an unrelated third-party by Lian Beng (St Kilda), a fully-owned subsidiary of Goldprime Realty, in which KSH Holdings and Lian Beng Group respectively hold a 20 percent and 80 percent stake.

KSH Holdings said in a statement that “the proposed disposal is an opportunity for the group to realise good value for its investment and enhance its financial position”.

The deal is expected to be completed on or before 22 January 2018. It is also anticipated to have a positive effect on the group’s net profits for the present fiscal year ending 31 March 2018.

 

Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg