Hiap Hoe’s 5JK indirect wholly-owned subsidiary Meteorite Land (Pearl River) has entered into a sale and purchase agreement on Feb 2 to dispose of Four Points by Sheraton, Melbourne Docklands with WFM Financial Holdings for a sale consideration of A$96 million ($83 million).
The sale consideration for the property and its related business was arrived at on a willing buyer willing seller basis after arms’ length negotiations, the company says in a filing.
The property is situated on a waterfront at the edge of Victoria Harbour with views of the Melbourne Central Business District. The company acquired the waterfront site on Dec 2, 2013, subsequently developing it into the hotel which opened on March 28, 2017.
The proceeds will be used for repayment of the company’s bank borrowings and for working capital use.
Shares in Hiap Hoe 5JK closed flat at 62 cents on Feb 2.
