Tiong Seng to sell Tuas South property for $10.5m

The disposal is expected to bring $10.2m in net cash proceeds.

Tiong Seng Holdings will sell its 6 Tuas South Street 11, Tiong Seng @ Tuas South, property to an unrelated third party for $10.5m.

The company will sell the property to Maxwell Technology, a manufacturer of high-end photovoltaic equipment.

Tiong Seng said the disposal is in the group’s best interest as it will realise a net cash proceeds of approximately $10.2m, improving the liquidity of the Group.

On June 18, the company granted an option to purchase the property, which is a leasehold property granted by Jurong Town Council to TSC with a tenure of 20 years and six months.

Under this, a 1% option fee is due upon its grant. Upon exercise, the purchaser must pay $1.05m, or 10% of the consideration. The remaining balance will be due upon the disposal's completion.

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia