SINGAPORE (Mar 12): Lian Beng Group's subsidiary, Lian Beng (Joo Chiat) has accepted the option to purchase granted by TTAT Investment to acquire the property at 381 Joo Chiat Road for a consideration of $27 million (including goods and service tax).

The property known as the OCN Building is a four-storey commercial building with an attic and a basement carpark. It has a gross floor area (GFA) of about 2,296 sq m.

Upon completion of the acquisition, TTAT Investment will lease back the property from the group for five years from the completion date, with an option to renew the lease for another three years.

The group will fund the acquisition through bank borrowings and/or internal resources.

Shares in Lian Beng closed 2 cents higher at 67 cents on Monday.