Key Points
- Disposal of 9 Tampines Street 92: new buyer at higher sale price.
- Disposal of 39 Tampines Street 92: another strategic asset divestment.
- Recycling of proceeds into better-yielding asset.
- On 7 December 2010, MapletreeLog entered into an agreement to divest its property at 9 Tampines Street 92 with Trans-cab Services Pte Ltd, with the divestment subject to approval by the relevant authorities. Subsequent to the announcement, the requisite approval was not obtained and accordingly, the sale was not completed.
- The Manager has, however, secured another buyer for the property at a higher consideration.
- The new buyer, a local IT solutions company, has exercised the option on Friday (8 April) granted by MapletreeLog to acquire the property at 9 Tampines Street 92 at a consideration of S$12.8 million. The property was originally acquired at S$11.2 million and was valued at approximately $12.0 million by Colliers International (Singapore) Pte Ltd. on 1 December 2010.
- With the higher consideration, MapletreeLog expects to realise a total net disposal gain of about S$1.4 million.
- MapletreeLog has also granted to CK Holdings (2003) Pte Ltd. an option, which was exercised on Friday (8 April), to acquire MapletreeLog’s property located at 39 Tampines Street 92 at a consideration of S$14.7 million.
- Both disposals are subject to approvals by the relevant authorities.
- A total net disposal gain of approximately S$2.1 million is expected from the divestment of these two properties.
- Subject to clarification of the tax treatment with the Singapore tax authority, the distribution of the total net disposal gain to Unitholders would result in a one-time increase in the distribution per unit by 0.07 cents – 0.09 cents. Further announcement will be made when the final distributable amount has been determined.
- MapletreeLog Realises Value on Divestment of Singapore Property for S$12.5 million - 7 DEC 2010
- Mapletreelog acquires Singapore property at 15A Tuas Avenue 18
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