Prime Freehold Commerical Property Sime Darby Centre Sold

Exclusive Agent CBRE Conducted Hotly Contested Private Tender

Singapore, 7 April 2017 Sime Darby Centre, located at 896 Dunearn Road, has been sold via a hotly contested Private Tender.

CBRE was the exclusive marketing agent which conducted the private tender on behalf of the vendors. The tender closed on 5 April 2017.

Directly connected to King Albert Park MRT Station on the Downtown Line, Sime Darby Centre is a Freehold property that enjoys excellent connectivity and an extremely prominent road frontage along Dunearn Road. The property is zoned “Commercial” with plot ratio 1.8 on the Masterplan 2014.

The buyer is a wholly owned unit of Tuan Sing Holdings Limited. The successful tender price is $365 million, which works out to approximately $1,440 psf ppr. Based on a site area of approximately 140,886 sq ft, the total achieveable plot ratio is approximately 253,595 sq ft.

As the property is zoned Commercial, there is no Additional Buyers’ Stamp Duty payable, and there is no time restriction with regards to the redevelopment of the property should the buyer choose to do so. Further, the property can be redeveloped into a Full Commercial or a Mixed-use development (subject to the necessary approvals).

“The response was excellent, evidenced by the strong turnout and more than 10 bids received.  The property “ticked all the boxes” for many developers at this time when sentiment is turning,” said Mr Jeremy Lake, Executive Director, Capital Markets, CBRE.

“In recent years, many parties have constantly been seeking a prime suburban Freehold Commercial property, and this (Sime Darby Centre) is the answer.” said Mr Galven Tan, Director, Capital Markets, CBRE. “The result therefore reflected the strong attributes and rarity of the offering.”

 

 

Disclaimer:

Neither CBRE nor its affiliated companies make any warranties or claims on the implied accuracy of the information contained herein.
 

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.​

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