Several Commercial Property deals were closed recently, and one of these deals was the selling of the two floors (levels 10 and 11) of the 16-storey office building of Southpoint Singapore.
Southpoint Singapore, of course, is a commercial property that is strategically located at 200, Cantonment Road.
It is primarily utilized for office rental as well as for sale. This commercial deal amounted to S$78.4 million that worked out to around S$2,444 psf (per square foot) according to its strata area of around 32,076 square feet.
According to CBRE, the buyer of the two floors is a joint-venture company that is 60% owned by the JMD holdings, a company that has been involved in investments and developments of real properties of which the shareholders include Desmond Wang.
The two other partners in this joint venture, each of which has a 20% stake in this venture, are the ROYT Capital that is owned by Tan Heng Kiat and MVJESTIC Holdings that is controlled by the Soh Family.
As a gateway to the forthcoming Greater Southern Waterfront, the Southpoint Singapore is indeed a good prospective investment.
Thus, buying the two floors is deemed by this joint venture company as a good investment move.
The two floors that were sold were owned by the Golden Pacific Worldwide & Holdings PTE Ltd whose shareholders include Tay Lee Hoon and Lee Sai Kit.
Golden Pacific was said to have bought the properties from Maersk in the year 2009 at a price of S$26.9 million which worked out to S$840 psf.
Maersk, on the other hand, leased again these two floors after selling it. At present, Maersk is still occupying these two floors.