The property is a 36-year old industrial building, which comprises a seven-storey warehouse with an office and showroom. The property has a net lettable area of approximately 6,050 sqm on a land site of around 3,372 sqm.
The manager of Mapletree Logistics Trust (SGX:M44U
) (MLT) says the REIT’s trustee, HSBC Institutional Trust Services (Singapore) Limited, has entered into a purchase agreement with an unrelated third party buyer for the divestment of its property at 1 Genting Lane.
Under the agreement, the property has a sale consideration of $12.3 million, which is 35.2% above its valuation of $9.1 million as at Oct 1.
