Tuan Sing Robinson Point Sold – Biggest Commercial Sale 2020

Tuan Sing Robinson Point Sold for $500 million

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.

Robinson Point Floor Plan and Location

Robinson Point is situated at 39 Robinson Road, in prime district 1 Singapore.

It is a 21-storey office building, well placed in Singapore prominent bustling commercial district.

The gross floor area measures about 15,700 square meters. The ground floor has retail units while car park bays are built from the third till the fifth floor.

In the remaining floors there are office spaces available. In 2015 Tuan Sing completed asset enhancement works in the loading bay, carpark lobby as well as the main lobby.

The CEO of Tuan Sing, William Liem said that the company already has a capital recycling measure in plan and Robinson Point’s divestment is part of that plan.

The company plans to boost shareholder returns through the divestment and he also intends to highlight the continued demand for prime commercial spaces with this sale.

Liem said that through the divestment, the company will be in a new position to acquire new properties in not only Singapore but in the region as and when opportunities arise.

According to Liem, the proposed sale will push the company ahead in its plans to transform itself into a significant real estate player in the region.

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