SINGAPORE (Sept 25): SLB Development has entered into a share sale and purchase agreement to dispose of wholly-owned subsidiary Wellprime, which owns a property at 50 Lorong 21 Geylang, for $13.5 million.

The property is a freehold industrial property with a land area of approximately 837.1 sqm, which SLB originally intended to redevelop into a multi-used light industrial building comprising 11 factory units and common facilities.

SLB says the proposed disposal would be an opportunity for the group to divest the investment in the property and would allow the group to enhance its cash flows.

It adds that it will also allow the group’s resources to be deployed for potentially higher yield development property projects.

Shares in SLB Development closed flat at 11.5 cents on Wednesday.