COMMERCIAL PROPERTY | Staff Reporter, Singapore

Wing Tai disposes Winner Godown Building for $365m

The net proceeds of $361,232 will be used for expansion.

Wing Tai Properties Limited (Wing Tai) disposed of Winner Godown Building for $365m.

According to an announcement, the property was sold by its subsidiaries Baudinet and Zofka to Sunny Global Development Limited through an agreement on 18 December 2017.

The building was developed in 1988 at a cost of $35.11m (HK$208m). Its total gross floor area (GFA) is 497,000 sqft for letting to outside parties.

It earned a rental income of $8.78m (HK$52m) and net profits of $7.09m (HK$42m) for 11M2017.

"The Directors are of the view that the Disposal will unlock the value of the Property and further enhance the Shareholders’ value," Wing Tai said.

Net proceeds of $361,232 (HK$2.14m) will be used for business expansion and general working capital.

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