Shares in Mainboard-listed MYP F86 surged 3.2 cents or 96.97% up at 6.5 cents as at 11.36am, after news came that it has sold its St Regis Residences unit for $6.05 million.
MYP’s wholly-owned subsidiary, Grace Shine, had granted its buyer, Evan Li Ting Kuan, an option to purchase the sixth-floor unit on March 29. The option was exercised on April 5 and constitutes a binding contract for the disposal at the consideration amount.
Li is said to be Singaporean and is an independent and unrelated third party to the company.
St Regis Residences, located at 33 Tanglin Road, is a 999-year leasehold development commencing from Nov 24, 1995.
The unit itself has a gross floor area (GFA) of 241 sqm (2,594.1 sq ft). It was used by Grace Shine to generate rental income. It is currently vacant.
According to MYP, the disposal will enable the group to realise the value of the property. The property was part of Grace Shine’s assets when MYP acquired 20% of the stake in the former in 2012 and another 80% in 2014.
The disposal will result in a net estimated positive cash inflow of $5.9 million after expenses and fees.
