Mencast Holdings to divest Penjuru Road property in $21m deal

The sale is expected to yield a $7.7m gain and repay loans.

Mencast Holdings Ltd has granted an option to sell its leasehold industrial property at 42B Penjuru Road for $21m, according to a bourse filing dated 16 February.

The option was granted by the company’s wholly owned subsidiary, Mencast Marine Pte Ltd, to Grandwoods Trading (Singapore) Pte Ltd.

Grandwoods Trading has paid an option fee of $210,000 plus goods and services tax (GST). Upon exercise, it will pay a balance deposit of $840,000 plus GST, with the remaining consideration due on completion.

The option is valid until 4 pm on 18 March and, if exercised, will form a binding contract for the disposal. If not exercised, the option fee will be forfeited.

The property is a 30-year JTC leasehold industrial site commencing 1 March 2011.

The facility comprises a single-user general industrial factory with a four-storey ancillary office building, with a land area of about 16,200 square metres and gross floor area of about 13,825 square metres.

It is currently used for the group’s propulsion manufacturing operations and will be sold subject to JTC’s approval for the assignment of the lease.

Based on the group’s unaudited consolidated financial statements for the half year ended 30 June 2025, the property had a net carrying amount of about $12.27m.

The disposal is expected to result in a gain of about $7.73m after deducting estimated relocation, professional and related expenses of about $1m.

Net proceeds of about $20m are intended to be used primarily to repay existing loans secured over the property, with any remaining proceeds applied towards repayment of other borrowings under the group’s debt restructuring arrangements.

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