Heeton to sell The Woodgrove for $55.9 mil

SINGAPORE (Dec 6): Heeton Estate, a wholly-owned subsidiary of Heeton Holdings, has agreed to sell development at 30 Woodlands Avenue 1, The Woodgrove, for $55.85 million to an undisclosed purchaser registered in Singapore.

Heeton expects to book $22 million in net gain from the transaction, which it intends to use for the acquisition of potential development property and/or hospitality assets in future.

The property, valued by Colliers International at $56 million, has a strata floor area of 5144 sq m, with an unexpired lease term of approximately 78 years based on its leasehold term of 99 years commencing from 26 June, 1996.

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