Tiong Seng to sell Tuas South property for $10.5m

The disposal is expected to bring $10.2m in net cash proceeds.

Tiong Seng Holdings will sell its 6 Tuas South Street 11, Tiong Seng @ Tuas South, property to an unrelated third party for $10.5m.

The company will sell the property to Maxwell Technology, a manufacturer of high-end photovoltaic equipment.

Tiong Seng said the disposal is in the group’s best interest as it will realise a net cash proceeds of approximately $10.2m, improving the liquidity of the Group.

On June 18, the company granted an option to purchase the property, which is a leasehold property granted by Jurong Town Council to TSC with a tenure of 20 years and six months.

Under this, a 1% option fee is due upon its grant. Upon exercise, the purchaser must pay $1.05m, or 10% of the consideration. The remaining balance will be due upon the disposal's completion.