Freehold Commercial Bldg In Joo Chiat Road Up For Grabs

SINGAPORE – Local real estate player Lian Beng Group is divesting a freehold commercial building at 381 Joo Chiat Road for about S$42 million, reported The Edge on Wednesday afternoon (14 September, SGT).

In a filing with Singapore’s bourse on 8 September, the company revealed that it has granted an option for the sale of the commercial property to an unrelated 3rd party.

The 4-storey commercial block has a gross floor area (GFA) of around 24,714 sq ft. It also comes with a basement car park and an attic.

Previously, Lian Beng Group had purchased the commercial property for S$27 million in 2018. As it was a leaseback transaction, the commercial building was leased back to the seller TTAT Investment for 5 years.