New Trend Lifestyle Group sells property for 1.8m pounds

AIM-listed New Trend Lifestyle Group (NTLG) , the Singapore-based Feng Shui products and services group, has disposed of a property at 145/145A Sims Avenue in Singapore to Nanyang Hardware Pte Limited (Nanyang).

The sale was for a consideration of S$3.35m (£1.78m).

NTLG said the property had an asset value of S$3.19m (£1.69m) and the disposal generated a profit of S$162,667 (£86,437) for it.

It will apply the cash proceeds to settle the loan raised on the property of S$2.22m (£1.18m) and pay transaction costs estimated at S$476,958 (£253,466). NTLG also said that the balance of the proceeds would be utilised for working capital.

Following the disposal, the company said it would transfer the Sims Avenue business to new premises in Chinatown Point Mall.

NTLG's share price was unchanged at 7.25p on Tuesday.

MF