British and Malayan Holdings said Wednesday it has proposed the sale of its property located in The Adelphi building, at 1 Coleman Street, unit 08-01, in Singapore.
“The board has internally assessed the utilization of the property currently used for the business activities and concluded that it may not be cost efficient to continue to operate out of the property,” the company said in a filing to SGX.
“The proposed sale allows the company to realise its investment in the property in the current market conditions,” the company said, noting it has appointed real estate marketing agents to assist with the sale.
In its 2021 annual report, British and Malayan Holdings set the fair value of the property at S$10 million, up from S$9.6 million in 2020.
Proceeds of the sale may be used for the organic expansion of British & Malayan Trustees, and would provide more flexibility to deploy capital for potential new businesses, the company said.
British and Malayan Holdings provides trust services to families, companies, financial institutions, charities and individuals, and offers real estate services, including administration, transactions and development.