SingTel selling two residential sites
SINGTEL has sold one prime residential land plot to an Australian property developer for $30 million and sources say it is close to selling a second site to a local buyer for an undisclosed amount.
It confirmed yesterday it had sold its former telephone exchange facility located at 859, Old Holland Road to Brisbane Development for $29.8 million.
However, the telco is still ironing out technical details of the sale of its 50, West Coast Road property, measuring 215,951 sq ft and occupied by a disused warehouse. The site is expected to fetch between $32 million and $34 million, according to market-watchers.
A local buyer is understood to have won the site tender. The deal should be finalised in the next few weeks.
SingTel had said earlier that the sale of the two properties is in line with its strategy to free up cash that can be used in its telecommunications business and for new investments.
Brisbane Development’s acquisition of the 87,086 sq ft site at Old Holland Road marks its first foray into the residential property market in Singapore.
It is ‘understood to be planning to redevelop the site into as many as 28 to 30 luxurious strata semi-detached houses with facilities such as basement carpark, swimming pool and security’, said Mr Karamjit Singh of Credo Real Estate, which handled the tender sale.
Source : Straits Times - 24 Feb 2006
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