Dec 11 (Reuters) - Sim Lian Group Ltd SIML.SI :
* Says proposed acquisition of properties in Queensland, Australia
* Group intends to fund the proposed acquisition with a combination of internal funds and bank borrowings
* Open market valuation of the properties is AUD 70.1 million based onvaluations dated 15 October 2015
* Says RCP property Australia entered into sale and purchase agreements with Woolworths Properties Pty Ltd
* Source text for Eikon ID:nSNZbwTND7