Tuesday, April 10, 2012

51 Parkway Centre office units sold for $53.37m

Business Times: Tue, Apr 10
A TOTAL of 51 strata-titled office units adding up to 51,191 sq ft at Parkway Centre in the Marine Parade Central location are changing hands at $53.375 million or about $1,043 per square foot (psf).


The buyer is a company led by ex-Goldman Sachs banker and real estate investor Kishore Buxani. The seller is the Chiu family of Hong Kong that used to run the former Tang Dynasty City attraction in Jurong and which is now developing Dorsett Residences near Outram Park MRT Station.


The office units are located on the second to ninth floors as well as on Level 13 of Parkway Centre, which is on a site with a remaining lease of about 68 years.


The units being bought by Mr Buxani's venture make up about 44 per cent of the 13-storey building's 116,950 sq ft total strata area and around 43 per cent of its total share value...

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Martin Koh/ Sherry Tang
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