Hafary divests industrial property in Aljunied for S$65.28m

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Catalist-listed Hafary Holdings, through its wholly-owned unit, Hafary Private Ltd, has divested its six-storey light industrial freehold property at Aljunied Road for approximately S$65.28 million.

It noted that Hafary Private has sold all 59 units in the development to 48 buyers.

Earlier reports said that the company proposed to divest only 80 percent of the property for around S$46.90 million. However, the company decided to sell the entire property as the market demand was significantly higher than expected.

According to The Business Times, Hafary will earn approximately S$22.35 million from the property, which is located on a 29,112 sq ft site.

Upon completing the divestment process, the report added that Hafary would be able to reduce its gearing ratio from the current 1.6 to 1.3.

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