SingTel sells West Coast Road site for $33m
SINGAPORE Telecommunications (SingTel) yesterday said it has sold its site at No 50 West Coast Road for $33 million to FCL Loft Pte Ltd, a wholly owned subsidiary of Fraser Centrepoint Properties Ltd.
The site was previously used for bulk cable storage. SingTel has obtained provisional permission for a condominium, with basement carpark and communal facilities.
Chua Sock Koong, SingTel’s group chief financial officer and CEO international, said the sale will help SingTel ‘better utilise capital and free up cash resources that can be redeployed in (its) core telecommunications business as well as in new investments’.
The purchase price was arrived at after considering various commercial factors, including the development potential and location of the property.
The net book value of the site is about $1.7 million, which gives SingTel a gain on disposal of about $31 million.
Source : Business Times - 1 Aug 2006
Loading ...
Post a Comment
Tell me a bit about yourself; who you are, where you're from, what information you would like to see on this site. As I continue to provide you with Singapore property happenings, your feedback will encourage me to post more frequently. Thank you.