King Wan's (SGX:554) subsidiary, King Wan Construction, exercised the option to purchase a property in Joo Koon Way, Singapore from Yeow San, according to a filing with the Singapore Exchange on Monday.
The proposed acquisition is to be completed by way of an assignment of the lease of the property for a total consideration of SG$9.5 million.
The property has a leasehold interest for a term of 30 years. It comprises a single detached factory block with a rear extension and has a land area of 9353.9 square meters.
Shares of the integrated building services company were up nearly 3% in recent trading.
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