AFP to sell residential units

AFP to sell residential units

SINGAPORE (Dow Jones): Asia Food & Properties Ltd. (P.AFP), or AFP, has put on the open market its 23 unsold Costa Rhu condominium apartment units, the Straits Times reported Wednesday.

The troubled company controlled by Indonesia's Widjaja family denied speculation this was a fire sale, the report said.

A spokesman for the conglomerate told the Straits Times "the sale will provide additional liquidity for the group and is "in line with our strategy to divest our non-core assets".

Talk of a liqudity crunch has dogged AFP since another of the Widjaja-controlled companies, U.S.-listed Asia Pulp & Paper Co. (PAP), saw one of its units defaulting on interest payments.

Besides the apartment units, AFP is also looking to sell its two commercial units at the Costa Rhu development, according to the report.

The daily said AFP is hoping to receive some S$20 million from the sale, but wouldn't comment on the take-up rate.