One of the Biggest Commercial Sale in 2020
The mainboard listed property developing company Tuan Sing Holdings recently announced through a bourse filing their intention of divesting Robinson Point for an estimated amount of $500 million.
Tuan Sing is expecting to earn a profit amounting to nearly $128.3 million from the sale.
The company plans to use the money gained for funding already committed investments, retiring pre-existing debts and also funding general corporate needs.
The company also plans to use some parts of the profit as working capital.
Though the company did not reveal anything about the buyer, it did indicate that the interested party was associated with British Virgin Islands as an incorporation.
Tuan Sing however added that the buyer was in no way associated with the company, its controlling shareholders or directors.
According to media reports, Tuan Sing acquired Robinson Point in October 2013 for a price of $348.9 million.
As of 2019, Colliers International valued the freehold commercial office building for $374.4 million.