SINGAPORE (June 9): Polaris on Tuesday announced that it has entered into an option agreement to sell its investment property at 81 Ubi Avenue 4 #03-14 UB.One Singapore to Asia Ticketing for $700,000.

The property was purchased by Polaris in 2012 to enable its then-planned business expansion. The tenure of the land is 60 years as at Dec 31, 2008. The property is currently leased to an unrelated third-party (the tenant) to generate rental income.

According to an SGX filing on Tuesday, the property has been leased out since September 2019, and is no longer needed by Polaris. It also said that the proposed sale will be in its “best interests”.

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook