PROPERTY and construction group United Engineers (UE) has sold one of its industrial properties, UE Print Media Hub, for $51 million.
The project was bought by Singapore-based Crescendas Group, which is involved in a diversified range of businesses including real estate, manufacturing, and hospitality.
Crescendas said that it acquired UE Print Media Hub for long-term investment. The property is currently 100 per cent occupied.
For UE, the divestment is fully in line with the group's ongoing strategy to streamline its businesses, it said yesterday.
This is the second industrial property UE has sold in the last five years. In December 2006, the group sold off UE Tech Park, a warehouse complex at Pandan Crescent, for $115 million.
UE Print Media Hub, located at Tai Seng Avenue, is a five-storey industrial building developed and constructed by UE.
It received its temporary occupation permit in June 2007 and has a net lettable area of about 254,752 sq ft on a site area of 131,577 sq ft.
The development was architecturally designed and spatially structured to house the supply chain of the print-and-media industry so that industrial linkages and business efficiency can be maximised, UE said.
The company added that the sale of UE Print Media Hub will further help to consolidate the group's portfolio of commercial property assets.
The portfolio includes the group's flagship building UE Square in Clemenceau Avenue; UE BizHub Central in Ang Mo Kio; and upcoming developments such as UE BizHub East in Changi Business Park and a mixed development comprising of a hotel and a shopping mall in the one- north research hub.
UE shares lost five cents to close at $2.50 yesterday.