Sheng Siong to buy Aljunied property for S$29.5m

SHENG Siong will be buying a commercial property at Block 118 Aljunied Avenue 2 from Jelita Property for S$29.5 million, it said in a bourse filing on Friday.

The property, for running a supermarket, comprises units in the first and second storeys of a seven-storey Housing and Development Board (HDB) commercial property with a four-storey public car park.

It has a gross floor area of about 2,717 square metres, with a leasehold tenure of 86 years commencing from July 1, 1993.

It is located within a reasonable walking distance from Aljunied MRT station, and is near Geylang Polyclinic, NTUC Health Nursing Home (Geylang East) and Aljunied Industrial Estate.

The purchase is pending HDB's approval and will be completed within four weeks of its approval.

A deposit of about about S$3 million, which is 10 per cent of the sale price, has been paid to Jelita Property's solicitors.

The remaining 90 per cent will be paid upon sale completion, and after adjustments to reflect any apportionment of land rent, property tax, expenses, outgoings and levies, rents and profits payable by Sheng Siong.

Sheng Siong shares closed unchanged at S$1.21 on Thursday.