LHT's Lease Agreement for Singapore Property Falls Through

MT Newswires10-04

LHT Holdings' (SGX:BEI) 30-year lease agreement for a property at Kranji Way, Singapore, will be terminated Nov. 6, a Friday bourse filing said.

The move came about as the company was unable to fulfill the requirements for lease entitlement of a minimum of 10 years for the property within the required time.

The total investment cost related to the plant, equipment, and building to be erected on the property under the contract was estimated to be around SG$56 million at the time the agreement was signed with Jurong Town in January 2020.

Taking into consideration the rise in interest rates and costs of goods and services, the investment cost is now estimated to be significantly higher, making it unwise for the company to incur the new cost.

The company will have to pay liquidated damages of around SG$518,000 for the termination, as well as cover the costs of any reinstatement works to be carried out on the property.

Price (SGD): S$0.90, Change: S$-0.0050, Percent Change: -0.56%

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