Engineering and advanced packaging solutions provider Ellipsiz has agreed to sell its interest in a building at 12 Joo Koon Crescent for S$4.4 million.
The firm is expected to book a net gain of S$1.7 million from the sale.
Ellipsiz said the proposed sale will enhance its financial position and increase its working capital.
The property is a factory-cum-office building, whose lease is due to expire in January 2027, with an option to renew for another 29 years.
The building was damaged in a fire in March last year and reinstatement works are still on-going.
The building is valued at around S$4 million.
The sale is estimated to be completed by August this year.
Source : Channel NewsAsia – 22 Mar 2010
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