SINGAPORE (July 24): Lian Beng Group and KSH Holdings announced Monday that Lian Beng (St Kilda) has entered into a contract of sale with an unrelated third party for the proposed disposal of 19 units at 596 St Kilda Road in Melbourne, Australia for A$34 million ($36.6 million).

Lian Beng (St Kilda) is a wholly-owned subsidiary of Goldprime Realty, which in turn is an 80%-owned subsidiary of Lian Beng Group and a 20%-owned associated company of KSH.

The freehold property has a total site area of about 1,804 sq m, with a three-storey residential complex comprising 19 separately tiled apartments.

In separate filings to SGX on Monday, Lian Beng and KSH say the proposed disposal is an opportunity for the respective groups to realise good value for their investment and enhance the groups' financial position.

On Monday, shares of Lian Beng closed 1.5 cents higher at 63.5 cents, while shares of KSH closed flat at 82 cents.