Koyo unit to buy property for engineering fabrication for S$2.54m

KOYO International's subsidiary has exercised an option to purchase a property near Boon Lay for some S$2.54 million, the engineering firm said in a regulatory filing on Monday.

Koyo Engineering has paid a deposit of S$246,380 to the vendor, Stone Industrries , upon exercise of the option to purchase the development at 4 Kwong Min Road. The purchase price was arrived at after arm’s length negotiations, after taking into consideration the property's S$2.5 million indicative market value as at Oct 21, 2019, based on a valuation report by an independent third party.

Koyo International said the property is intended to be used for engineering fabrication and pre-fabrication of mechanical, electrical, and plumbing modules for use in one of its existing projects.The property, with a gross floor area of about 3,800 square metres, includes part of a factory building comprising a single-storey workshop with an overhead crane, and an annex with a showroom/office/dormitory.

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