Lian Beng Group acquires 4 HDB properties for $151 mil

SINGAPORE (July 22): Heartland Retail Holdings on Thursday granted four options to purchase to four newly-incorporated subsidiaries of developer Lian Beng Group to acquire four HDB properties from Heartland Retail for $151 million.

Located at various place in Singapore, the four properties are:

• Blk 712 Ang Mo Kio Avenue 6, #01-4056, Singapore 560712 (23,983sf) for $30 million;
• Blk 166 Bukit Merah Central, #01-3527, Singapore 150166 (930,139sf) for $34 million;
• Blk 451, Clementi Avenue 3 #01-309, Singapore 120451 (26,727 sf) for $41 million;
• Blk 192, Lor 4 Toa Payoh, #01-674 and #02-674, Singapore 310192 (23,960 sf) for $37 million.

“The proposed acquisition is in line with one of the group’s core business activities in property development and investments. The group views the proposed acquisition as a good opportunity to participate in a strategic investment of the properties, where the group can derive rental returns which will be added to the earnings of the group,” says Lian Beng in its after market filing.

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