This is almost thrice the original purchase price of $72.5 million in 2006, adds the manager, and implies an annualised net property income (NPI) yield of 1.7% based on the NPI booked by the 55 Market Street over the latest quarter ended March.
SINGAPORE (July 10): Frasers Commercial Trust (FCOT) is divesting 55 Market Street, its 16-storey commercial property at Raffles Place, to an unnamed third party for $216.8 million.
In a Tuesday filing, FCOT’s manager says the consideration sum is equivalent to $3,020 per sq ft based on the building’s net lettable area (NLA) of 71,796 sq ft as at end-March, and represents a 44.5% premium above its $150 million valuation as at 1 July.
