Hotel Properties Limited has agreed to dispose of all seven of its shop units in the seven-storey freehold Ming Arcade. The units were sold in a collective sale to Royal Hiranandani Pte Ltd under the Royal Group of Companies.
The sale assets have a total strata area of 1,774 sqm (19,095.18 sq ft), representing 54.63% of the total strata area. The sale assets also represent 54.63% of the total share value of Ming Arcade.
The disposal of the assets is expected to net the group a gain of $61 million.
The divestment is said to be in the “best interest” of the group and its shareholders as it will enable the group to “unlock the underlying value and realise its investment in the sale assets”.
EdgeProp Singapore announced the record sale of Ming Arcade to the Royal Group on Dec 16. The building, located at 21 Cuscaden Road, was sold for $172 million, setting a new price record of $3,125 psf per plot ratio (psf ppr).
Shares in Hotel Properties closed flat at $3.60 on Dec 20.
