Hock Ann Metal Scaffolding, a wholly-owned subsidiary of Union Steel Holdings (SGX:ZB9), has entered into a binding agreement to sell its property on 41 Middle Road, Singapore, for SG$2.9 million, according to a Tuesday filing to the Singapore stock exchange.

The company's shares were up over 1% in Wednesday's trade.

The property will be sold to Spike Brothers and is expected to result in an estimated gain of approximately SG$820,000.

On July 11, Hock Ann had granted the option to purchase to Spike Brothers, who exercised the option on Tuesday by paying a deposit.