Mainboard-listed construction firm, United Engineers said it has sold its industrial property, UE Print Media Hub, for S$51 million.
The media hub is a five-storey industrial building located at 61 Tai Seng Avenue.
It was developed and constructed by United Engineers.
The building which received its temporary occupation permit in June 2007 has a net lettable area of nearly 255,000 square feet.
It also sits on a site area of about 131,500 square feet.
United Engineers said the sale of the media hub is in line with its ongoing strategy to streamline businesses and asset management.
This is the second sale of an industrial property by the Group in five years.
Previously, United Engineers sold off UE Tech Park, a warehouse complex at Pandan Crescent, for S$115 million.
Looking ahead, the firm said the new sale will further help to consolidate its portfolio of commercial property assets.
Source : Channel NewsAsia – 1 Feb 2011