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.
Southpoint Singapore was completely built around 1986. It features a 16-storey office building with 15 office floors from levels 2 up to level 16.
Each floor measures up to 1,490 square meters or around 16,038 square feet.
Based on media report of 1984, this floor area was considered, then, to be the largest floor plate for any office building in the country.
Vesty Family, hailing from the United Kingdom, spearheaded the development of this building.
Moreover, three floors had already been sold even before the building’s topping-out ceremony in 1984.
At present, most of the floor spaces at Southpoint are already held or owned by companies or entities that are within the control of the Kuo International.
Kuo International, of course, is a leading investment holding and oil trading firm that was founded by Peter Fu Yun Siak.
Kuo International started buying spaces at Southpoint in the last decade of the last century. It paid around S$165 million or around S$840 per square feet for the properties it bought in the 90s.
Southpoint Singapore is near the Tanjong Pagar MRT station and Outram MRT station. It is also very close to several bus stops located at Opp. South Point, Keppel Road, Cantonment Road, and Opp. Customs Port Branch Headquarter.
Southpoint is near several eateries like those located in nearby buildings like the Icon Village, Tanjong Pagar Complex, and the Pinnacle @ Duxton Foodcourt.
It is also within a reasonable distance to Cold Storage Supermarkets and Shop N Save.
Moreover, it is near the Amara Shopping Centre, Tanjong Pagar Plaza, Icon Village, Pearls Centre, International Plaza, Chinatown Complex, People’s Park Complex, Lucky Chinatown, the Majestic, and China Square Central.
Any can access Southpoint via the Cantonment Road and the Cantonment Link.