MYP which is listed on Singapore Main Board has decided to sell MYP Plaza, a freehold office tower located at 135 Cecil Street.
It would be sold for S$247 million through its wholly-owned subsidiary Affreton. As per the report filed with the exchange the new buyer is a Philippines based conglomerate has links with companies that are owned by Lucio Tan a leading business magnet in Philippines.
The fourteen-storey commercial freehold property is located in CBD and has 82,334.28 sq ft net lettable area.
The office tower has three carpark levels at the basement. There are three MRT Stations in the vicinity that include Telok Ayer, Tanjong Pagar and Raffles Place which adds to its locational advantage.
MYP which is a noted investment holding company revealed the secret behind the property’s sale price.
It said that an independent valuer’s indicative open market value was obtained and this was used when it came to negotiation with the Filipino buyer.
According to an official statement from the company this disinvestment was undertaking with the interests of the shareholder in mind. The statement added that this move is part of the company’s strategic alignment and the new overall strategy for the future.
The official was however also cautious and said that while the sale offer is binding and legal it would still be subject to the results of an eight-week diligence exercise being undertaken as well as the definitive agreement’s execution during this 8-week period.
As per the deal agreement the interested buyer shall need to deposit the money in instalments of S$2.47 million and S$9.88 million.
The remaining payable amount shall have to be paid upon sale’s completion.
MYP Plaza Singapore was previously sold for S$182 million in 2013 by Alpha Core Real Estate Fund.
Quillion Global had back then brokered the deal.