Ascendas REIT sells BBR Building for $13.9m
More than double the original purchase price.
Ascendas REIT will sell BBR Building to BBR Holdings for a total consideration of $13.9m.
This price is more than double the original purchase price S$6.8 million in 2005.
The proposed sale originated from an unsolicited enquiry from BBR. BBR is the parent company of Singapore Piling & Civil Engineering, the existing tenant on the property in occupation since A-REIT’s acquisition of the Property in 2005.
The existing lease with Singapore Piling will expire in June 2015. The proposed sale is subject to approval by JTC Corporation.