CPF Building sold for S$550m to Ascendas Land company
The public tender for the sale of the building attracted three bids, the highest of which was by Southernwood Property, a company wholly owned by Ascendas Land.
POSTED: 26 Nov 2015 12:26 UPDATED: 26 Nov 2015 23:37
SINGAPORE: The landmark CPF Building at 79 Robinson Road has been sold for a higher-than-expected S$550 million, the CPF Board announced on Thursday (Nov 26).
The public tender for the sale of the building attracted three bids, the highest of which was by Southernwood Property, a company wholly owned by Ascendas Land.
Ascendas plans to redevelop CPF Building into an office building with supporting retail elements, said Mr Manohar Khiatani, President & Group CEO of Ascendas and Deputy Group CEO of Ascendas-Singbridge.
"With the CPF Building, Ascendas would be able to offer quality CBD office space to complement our business park offerings to our customers in Singapore,” he added.
BID PRICE HIGHER THAN EXPECTED
Analysts had expected the building to fetch about S$450 million.
The CPF Board said the bid from Southernwood Property met all tender criteria, "including the strength of their financial standing and purchase conditions such as the assignment of tenancies to the new owner".
The other two bids were S$538.28 million by Leapford, a company owned by Pacific Century Regional Developments, and S$280 million by OUE Reef Development.
The CPF Board will be moving to Novena Square Towers “to free up prime office space in the Central Business District for higher-value uses”. Its corporate operations relocated on Nov 23.
The CPF Service Centre will continue to operate at 79 Robinson Road until further notice.
- CNA/dl
- wong chee tat :)
Showing posts with label ascendas. Show all posts
Showing posts with label ascendas. Show all posts
Monday, November 30, 2015
Saturday, June 28, 2014
A-REIT acquires and leases back Hyflux Innovation Centre for $191.2 mil
A-REIT acquires and leases back Hyflux Innovation Centre for $191.2 mil
WRITTEN BY THE EDGE
THURSDAY, 26 JUNE 2014 09:08
Ascendas Funds Management (S) Limited, the manager of Ascendas Real Estate Investment Trust (A-REIT) is acquiring Hyflux Innovation Centre located at 80 Bendemeer Road for a total purchase consideration of $191.2 million.
Upon completion of the acquisition, Hyflux and Hydrochem will leaseback 50% of Gross Floor Area of 43,434 sqm for 15 years while all existing third party tenants in the property will be assigned to A-REIT. The property will have an occupancy rate of 83.9% and the vendor will provide rental support for the remaining vacant space for three years.
Hyflux Innovation Centre is located within the Kallang Industrial Estate and is within three minutes’ walk to Boon Keng MRT station along the North-East Line. The property is a 10-storey high-specifications building with a basement and surface car park. Current tenants include Hyflux, NEC, Covidien Private Ltd, American Express and Renesas Electronics Singapore Pte Ltd.
Tan Ser Ping, Executive Director and Chief Executive Officer of A-REIT Manager, said, “We are pleased to strengthen our relationship with Hyflux Ltd, with a sale-and-leaseback arrangement at Hyflux Innovation Centre. This property is a prime high-specifications development located at the fringe of the central business district. Hyflux’s commitment to lease 50% of gross floor area for 15 years will extend A-REIT’s weighted lease expiry profile to 3.96 years.”
Following the above acquisition, A-REIT’s weighted average lease term to expiry is expected to increase from 3.85 years to 3.96 years. A-REIT will own a total of 103 properties in Singapore and two business park properties in China.
- wong chee tat :)
WRITTEN BY THE EDGE
THURSDAY, 26 JUNE 2014 09:08
Ascendas Funds Management (S) Limited, the manager of Ascendas Real Estate Investment Trust (A-REIT) is acquiring Hyflux Innovation Centre located at 80 Bendemeer Road for a total purchase consideration of $191.2 million.
Upon completion of the acquisition, Hyflux and Hydrochem will leaseback 50% of Gross Floor Area of 43,434 sqm for 15 years while all existing third party tenants in the property will be assigned to A-REIT. The property will have an occupancy rate of 83.9% and the vendor will provide rental support for the remaining vacant space for three years.
Hyflux Innovation Centre is located within the Kallang Industrial Estate and is within three minutes’ walk to Boon Keng MRT station along the North-East Line. The property is a 10-storey high-specifications building with a basement and surface car park. Current tenants include Hyflux, NEC, Covidien Private Ltd, American Express and Renesas Electronics Singapore Pte Ltd.
Tan Ser Ping, Executive Director and Chief Executive Officer of A-REIT Manager, said, “We are pleased to strengthen our relationship with Hyflux Ltd, with a sale-and-leaseback arrangement at Hyflux Innovation Centre. This property is a prime high-specifications development located at the fringe of the central business district. Hyflux’s commitment to lease 50% of gross floor area for 15 years will extend A-REIT’s weighted lease expiry profile to 3.96 years.”
Following the above acquisition, A-REIT’s weighted average lease term to expiry is expected to increase from 3.85 years to 3.96 years. A-REIT will own a total of 103 properties in Singapore and two business park properties in China.
- wong chee tat :)
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