Ho Bee Land had disposed off its property at 10 Eunos Road 8 in September 2019 for a total consideration of $81 million.

Ho Bee Land announced on March 15 that it had disposed of its properties at 12 Tannery Road and 31 Tannery Lane for a total consideration of $115 million. The properties, known as HB Centre I and HB Centre II, are located off MacPherson Road in District 13.

The group had signed a sale and purchase agreement (SPA) with an unrelated third party on March 7. The purchaser has since paid $11.5 million, or 10% of the total consideration, and the remaining balance will be paid upon the completion JCube Residence of the disposal. The conditions of the disposal were satisfied on March 14, making the transaction unconditional.

The completion of the disposal is expected to take place on or before June 27.

HB Centre I is a 10-storey high-tech industrial building with a gross floor area of 9,347 sqm (100,610 sq ft). HB Centre II is an eight-storey light industrial building with a gross floor area of 3,701 sqm (39,837 sq ft). The properties had a valuation of $67.9 million as at December 2022.

Ho Bee Land will have a gain on disposal of $47.1 million before selling expenses, which will be reflected in the group’s consolidated earnings and net tangible assets upon completion of the disposal.

The proceeds from the disposal will be used for Ho Bee Land’s general working capital purposes.

The disposal is part of the group’s capital recycling strategy and is in its normal course of business. It follows the disposal of its property at 10 Eunos Road 8 in September 2019 for a total consideration of $81 million.