Union Steel (SGX:ZB9) subsidiary, Applied Engineering, completed the acquisition of a property in Singapore which includes buildings and structures, for SG$7.5 million, according to a Tuesday filing with the Singapore Exchange.

Shares of the steel manufacturer were down nearly 2% in Wednesday trading.

This comes after the subsidiary was granted an option to purchase the property by Asia-Pacific Shipyard, on the behalf of Timothy James Reid and Yau Yee Theresa.