A wholly-owned subsidiary of Lian Beng Group, Lian Beng Ventures (Melbourne), is selling a property with 1,915.5 sq m (20,618 sq ft) of NLA in Melbourne, Australia for a consideration of A$35 million ($36.7 million).

The group said Lian Beng Ventures (Melbourne) had entered into a contract of sale with OIM (AUST) Pty Ltd to sell the freehold property, located at 247 and 249 Collins Street.

According to Lian Beng, the proposed sale is an opportunity for the group to realise good value for its investment and enhance its financial position.