Blackstone sells Singapore property for $260m
Singapore-listed developer Tuan Sing Holdings has purchased Sime Darby Center in Bukit Timah for S$365 million ($260.5 million).
The sellers were Malaysia-based Sime Darby Property and The Blackstone Group, which owned 30 percent and 70 percent of the asset, respectively. In May 2016, Blackstone acquired a majority stake in three Singapore property assets, including the Sime Darby Center.
Sime Darby Center sits on a part 999-year leasehold of commercial land comprising 140,886 square feet with an allowable gross plot ratio of 1.8, which gives it a maximum permissible gross floor area of 253,595 square feet for office and retail space. Currently, the property is about 96 percent occupied.
Tuan Sing intends to reposition the property into a hub of commercial activity.
Other recent transaction activity in Singapore includes Manulife Real Estate’s acquisition of 8 Cross St., a 2