Tuan Sing to divest CBD property Robinson Point for $500m

They have entered an agreement with a British Virgin Islands investment firm.

SGX-mainboard listed Tuan Sing Holdings is selling its CBD office building Robinson Point for $500m, the property group announced in an SGX filing.

The group has entered into a binding option agreement with British Virgin Islands-incorporated One South Bay Group Company, an investment holding company, on August 6.

As of end-2019, Robinson Point was valued at $374.4m by Colliers International Consultancy & Valuation.

Located at 39 Robinson Road, at the junction of Robinson Road and Boon Pat Street, the 21-storey freehold office building has a gross floor area (GFA) of approximately 15,700 sqm. It also has retail units in the ground floor and carpark bay areas from floors 3-5.

Tuan Sing acquired the company in October 2013. Enhancement work was completed in 2015.

The property was conferred the Green Mark Gold Rating by the BCA and was named amongst the Top 10 most energy-efficient private office buildings by BCA in 2015.

Tuan Sing plans to use the divestment proceeds to support the group’s financial position and “may be recycled to fund committed investments, retire existing debts, fund general corporate and working capital needs,” the group said in its  bourse filing.

“The proposed divestment of Robinson Point is in line with our strategy of active capital recycling and highlights the continued strong demand for quality commercial spaces in Singapore amidst the ongoing Covid-19 pandemic,” said William Lem, CEO of Tuan Sing.

“With this divestment, the group will be well positioned to make new strategic acquisitions in Singapore and across the region whenever opportunities arise. This will allow the group to continue pushing ahead in its transformation journey into a regional real estate player,” Lem added.