An undisclosed purchaser exercised an option to purchase a leasehold property located in Changi South Avenue 2, Singapore by depositing a balance of SG$1.4 million, representing 9% of the total consideration of the property to Vibrant's (SGX:BIP) wholly owned subsidiary, Freight Links Properties.
The deposit is in addition to a 1% payment that was paid to Freight Links, the company's subsidiary, on issuance of the option, according to a filing with the Singapore Exchange on Tuesday.
In an earlier filing, the company disclosed that its subsidiary had agreed to sell the property for a total consideration of SG$15.0 million.
The disposal of the property is expected to take place on March 11.
Proceeds from the disposal will be used to repay existing financing taken against the property and for working capital needs.
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