Tuan Sing Holdings will be selling its 39 Robinson Road office property for $500 million. Robinson Point, as this property is called, was last valued by Colliers International Consultancy & Valuation (Singapore) at $374.4 million.
Tuan Sing can expect to book a gain of $128.3 million upon completion of the sale.
The 21-storey freehold property (seen here in a 2010 picture) has a gross floor area of 15,700 sqm and includes some retail and parking space as well. Significant refurbishment works were completed in 2015.
Tuan Sing bought the property back in 2013 for $348.9 million.
The identity of the buyer isn’t disclosed by Tuan Sing, except that it is a British Virgin Islands-incorporated investment holding company and bears no relation to Tuan Sing.
“The proposed divestment of Robinson Point is in line with our strategy of active capital recycling and highlights the continued strong demand for quality commercial spaces in Singapore amid the ongoing Covid-19 pandemic,” said William Liem, Tuan Sing’s CEO.
“With this divestment, the Group will be well positioned to make new strategic acquisitions in Singapore and across the region whenever opportunities arise. This will allow the Group to continue pushing ahead in its transformation journey into a regional real estate player,” he added.
Upon completion of the transaction, Tuan Sing’s net tangible asset per share would have increased to 103.7 cents. As at Dec 31 2019, its NTA was 92.9 cents per share.
Tuan Sing closed Aug 7 at 28 cents.
