Singapore Post (SGX:S08) agreed with Trans Realty to dispose of certain property assets for a cash consideration of SG$55.5 million, according to a Tuesday filing with the Singapore Exchange.

Shares of the company were down over 1% in Wednesday trading.

The properties comprise 14 Housing Development Board leasehold units which were originally acquired between 1989 and 1996.

The completion is expected to take place 12 weeks from the date of the agreement and four weeks from the date of HDB's approval.