Tuan Sing Holdings will probably be selling its own 39 Robinson Road office land for about $500 million. Robinson Point, since this property is known as, was last appreciated by Colliers International Consultancy & Valuation (Singapore) at $374.4 million.
The tender for Parc Central Residences indicative price received a total of 7 bids with the winning developers submitting the highest bid of S$434.4m translating to S$578 psf of GFA.
Tuan Sing can anticipate to reserve a profit of $128.3 million on completion of the sale.
The 21-storey freehold property (found within a 2010 picture) has a gross floor space of 15,700 sqm and contains a few parking and retail area too. Substantial refurbishment works were finished in 2015.
Tuan Sing purchased the land back in 2013 for $348.9 million.
The identity of the purchaser is not revealed by Tuan Sing, but it is a British Virgin Islands-incorporated investment holding firm and bears no connection to Tuan Sing.
“The planned divestment of Robinson Point is in accordance with our approach of passive funds recycling and highlights the continuing strong need for quality commercial areas in Singapore amid the continuing Covid-19 pandemic,” explained William Liem, Tuan Sing’s CEO.
This will permit the Group to keep on pushing ahead in its transformation journey to some regional property agent,” he further added.
Upon completion of the trade, Tuan Sing’s net tangible asset per share would have risen to 103.7 cents. At Dec 31 2019, its NTA has been 92.9 cents per share.