SINGAPORE (Jan 12): Nordic Group has sold its property at 42 Tech Park Crescent for $3.4 million to construction company Debenho via the group’s wholly-owned subsidiary, Ensure Engineering.

The property occupies a land area of 926.4 sqm, and includes all buildings on its land as well as its plant and equipment.

In a Friday announcement, Nordic says the sale of 42 Tech Park Crescent, being a non-core asset, would allow the group to repay current bank borrowings, improve its overall cash position, and reduce finance costs.

According to Nordic, the transaction will not bear any material impact to the group’s earnings and net tangible assets (NTA) per share based on its latest announced financial statements for the year ended Sept 2017.

The property’s net asset value (NAV) based on relative figures and as at 12 Jan is $3.3 million, about 4.5% of Nordic’s NAV of $72.2 million as at end Sept 2017.

This article, written by Michelle Zhu for The Edge Singapore, first appeared on Jan 12.