Singtel to get net proceeds up to $1.3b from Comcentre divestment

Singtel recently partnered with Lendlease as the appointed developer.

After its recent partnership with real estate firm, Lendlease, Singtel, a telecommunications firm, is seen to receive net proceeds of $1.2b to 1.3b from the Comcentre divestment.

This is according to the brokerage report of CGS CIMB, a capital market firm, which indicated that the net proceeds will be reached by 2024.

“Singtel will pay $300m to $400m for the differential and lease top-up premium payable on the land for the redevelopment prior to the subscription, while PropCo will pay the land cost of S$1.63bn to Singtel on completion of the subscription,” said CGS CIMB.

To recall,  on 23 February 2022, Singtel announced that it will redevelop Comcentre. It then revealed that it will select Lendlease as the developer of the area, which is its headquarters along Orchard Road belt.

READ MORE: Singtel taps Lendlease to transform its Comcentre into a $3b next-gen workplace