The property is the freehold land of gross land area measuring approximately 6,980 sqm, together with one unit of single-storey detached factory with an annexed double-storey office building, one unit of double-storey detached factory with an annexed double-storey office building and other ancillary buildings erected thereon located at No. 16 Jalan Firma 2/1, Kawasan Perindustrian Tebrau 1, 81100 Johor Bahru, Malaysia. The property is currently tenanted to Ho Leong Precision Stamping on a month-to-month basis.
The purchase price was arrived at on a willing-buyer, willing-seller basis, taking into consideration the valuation of the property.
As at Dec 31, 2021, the net book value of the property was $0.6 million. The estimated gain on the disposal of this property is about $2.5 million.
Shares in Hoe Leong closed at 0.2 cents on July 13.
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