Nam Cheong to sell Suntec property for $25m

It is selling non-core assets due to the oil and gas downturn.

Nam Cheong Limited (Nam Cheong) puts its Suntec property office lots up for sale for $25m.

According to an announcement, the lots are located at Unit #41-01, Unit #41-02 and Unit #41-03 of 8 Temasek Boulevard, Suntec Tower Three.

The property has a 99-year leasehold which started on 1 March 1989, with a remaining lease period of 70 years and 6 months.

According to Nam Cheong, "The Suntec Property was initially intended to be used as the corporate office of the Group but the Company subsequently decided to continue to lease the Suntec Property to third parties so as to obtain rental income."

Nam Cheong is also in the middle of restructuring its business due to the downturn in the oil and gas industry.

The company expects consolidated net tangible assets (NTA) to rise to $432.1m after the sale.