SINGAPORE (Dec 7): Wee Hur Holdings' subsidiary Wee Hur (Ann Street) has entered into a put and call option agreement with buyer Mirvac Office Developments for the sale of the land in Australia.

Located in the Central Business District of Brisbane, Lot 1-Ann Street forms part of a plot of land known as 62-80 Ann Street and 71-97 Turbot Street with a total land area of 5,478 sqm.

Under Wee Hur’s initial plans for disposal, the land was reconfigured into two lots, namely, Lot 1-Ann Street with a total land area of 3,690 sqm which has primary frontage to Ann Street and another plot of land fronting Turbot Street, called Lot 2-Turbot Street, with a total land area of 1,788 sqm.

The sale of Lot 1- Ann Street and Lot 2-Turbot Street is priced at A$79 million ($81.2 million).

At an extraordinary general meeting held on April 28, Wee Hur had obtained shareholders’ approval for the sale of the land. The option agreement signed on Tuesday follows further negotiations by Wee Hur with Mirvac Projects.

The book value of the land as at Sept 30 was $71 million. Wee Hor will record an estimated net gain from the sale is approximately $7.1 million , after deducting taxation and expenses.

Wee Hur will use the net proceeds for other developments in Australia.

Shares in Wee Hur closed at 24 cents, down from a year high of 30 cents in Oct.