On Oct 5, Far East Group entered into a sale and purchase agreement with Moduslink, a subsidiary of Moduslink Corporation, for the acquisition of an Ubi Avenue 3 industrial property at $22.5 million.

Zoned for “Business 1” use under the 2014 Master Plan, the property has a gross floor area of 167,692 sq ft and a leasehold tenure of 60 years from Jan 1, 1990.

Far East will then lease back the entire third floor of the Ubi Avenue 3 property, which spans 75,000 sq ft, to Moduslink at $135,000 per month.