Singapore’s Big Winner For The Week: Sitra Holdings (International) Ltd

Sitra Holdings (International) Ltd (SGX: 5LE) surged some 58% from this week to close at S$0.019 yesterday. With the Straits Times Index (SGX: ^STI) declining 1.9% during the same period, Sitra Holdings is the big winner in the Singapore market this week.

Headquartered in Singapore, the firm is one of the leading distributors of quality wood-based products and lifestyle outdoor furniture. Some of the brands it carries are Comica, decking and Pacific. Living up to its vision of “Delivering Quality Products, Building Successful Brands”, the company has over 250 corporate customers in over 48 countries.

On 1October 2014, Sitra announced that it had completed the sale of a property at 18 Sungei Kadut Steet 2, Sungei Kadut Industrial Estate, Singapore 729236, to World Furnishing Hub Pte Ltd (WFHPL). The property will be redeveloped and the estimated market value is S$55 million. Redevelopment is expected to commence in this month and completed in April 2016.

The open market land value of the property was at S$8.7 million and the gross development value of the development was at S$100 million.

Sitra Agencies Pte Ltd, which is a wholly-owned subsidiary of the firm, holds a 10% equity stake in WFHPL. Thus, the development is expected to have a positive impact on the financial position of Sitra Holdings.

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The information provided is for general information purposes only and is not intended to be personalised investment or financial advice. Motley Fool Singapore contributor Sudhan P doesn’t own shares in any companies mentioned.