The property is a three-storey warehouse with a building age of around 35 years, and a part
5-/part 10-storey warehouse and ancillary office which is about 28 years old. It has a remaining land lease of about seven years.
MLT says that the sale price of $7.8 million is 6.8% above the latest valuation of $7.3 million as at Nov 28, 2024.
The trust aims to complete the divestment by 2QFY2025/2026, and is not expected to have a material impact on MLT’s net asset value and net property income for FY2025/FY2026.
The divestment will leave MLT’s portfolio with 176 properties.
See also: SGX gives approval-in-principle to FHT to delist
JTC Corporation has granted in-principle approval for the transaction.
Units in MLT closed 4 cents higher or 3.2% up at $1.29 on March 12.
