Tuan Sing to sell Robinson Point for $500m
SINGAPORE – Property developer Tuan Sing Holdings is suggesting to unload Robinson Point for $500 million, the mainboard-listed company revealed in a bourse filing last Friday (Aug 7).
Tuan Sing anticipates to become aware a gain of about $128.3 million on the sale. The proceeds might be reused to fund committed investments, retire existing debts as well as fund basic corporate and also capital needs.
It did not disclose the customer’s identity in the filing, but claimed that it is a British Virgin Islands-incorporated entity that is not associated with Tuan Sing, its directors or controlling investors.
Robinson Point has actually been held by Tuan Sing considering that the firm obtained it in October 2013 for $348.9 million, according to previous media reports.The 21-storey estate office complex lies at 39 Robinson Road. As at end-2019, it was valued at $374.4 million by Colliers International, Tuan Sing claimed.
The residential or commercial property has a gross floor location of about 15,700 sq m, with retail devices on the ground floor, parking lot bays on levels three to five, and also the remaining floors making up office devices. Possession enhancement functions to the main entrance hall, carpark entrance hall and loading bay were finished in 2015.
William Liem, Tuan Sing’s chief executive, claimed that the divestment remains in line with the firm’s resources recycling strategy to optimise investor returns, and highlights solid demand for industrial rooms as compared to their competetors like Nyon Amber and Affinity at Serangoon.
“With this divestment, the team will be well positioned to make new strategic procurements in Singapore and also throughout the region whenever opportunities occur. This will permit the team to proceed getting along in its transformation trip right into a local real estate gamer,” he claimed.
Shares of Tuan Sing last traded at $0.275 prior to a trading halt was called last Thursday.