Asia Pulp & Paper property in Singapore to be auctioned

March 15, 2007 - ASIA Pulp & Paper's former factory at Pioneer Road is being put up for auction by the Inland Revenue Authority of Singapore(IRAS), it was reported in The Business Times in Singapore.

APP, owned by the Sinar Mas Group, which defaulted on US$14 billion in debt in 2001, failed to make property tax payments for the four-story detached building at 118 Pioneer Road. IRAS, the Inland Revenue Authority of Singapore, is owed more than $1.8 million in property tax on the building, a sum which has built up since 2003, IRAS spokeswoman Lee Leng Kiong said in response to The Business Times inquiries.

The value of the property is estimated to be $10 - $12 million.

IRAS said it will return any balance on the sum received to the owner, after recovering outstanding tax, penalty payment, interest, and the cost of recovery.

The Pioneer Road property will be auctioned off at a Knight Frank auction at 2.30 pm on March 22 at the Carlton Hotel.

The Business Times said APP formerly used the Pioneer Road building for storage and paper-related manufacturing, but that the plant has been vacant for nearly five years, during which it has been on and off the market several times.

The building has a gross floor area of 414,647 sq ft. It is being sold with vacant possession.

SOURCE: The Business Times

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