The deal was worth a whopping $825m.
According to Colliers International, in the commercial sector, buoyed by the conclusion of several big-ticket deals, the total investment sales value lapped up rose 36.8% to $2.12 billion from the preceding quarter.
Here's more from Colliers International:
Leading the sector was the biggest property investment sale so far in 2012 - the sale of a 50% stake in nex, a suburban shopping mall at Serangoon Central in July 2012.
Mercatus Co-operative Limited, jointly held by the Singapore Labour Foundation, NTUC Income and NTUC FairPrice, sealed the deal from a fund linked to Pramerica Real Estate Investors for $825.00 million or $2,679 per sq ft on its net lettable area.
Other notable commercial transactions which breached the $100.00 million mark in 3Q 2012 include:
• Keppel Land’s unit, Alpha Investment Partners’ acquisition of a 50% stake in 78 Shenton Way for $608.00 million or $1,687 per sq ft over its NLA of 360,500 sq ft. The development, comprising two office towers, completed in 1988 and 2009, respectively, has 70 years remaining on its tenure.
• A real estate fund managed by US-based AEW’s sale of the freehold Robinson Point located at 39 Robinson Road to a group of Asian investors for $284.00 million or $2,132 per sq ft on its existing NLA. The unit price of $2,132 per sq ft represents an appreciation of 39.6% from the $1,527 per sq ft the US fund paid for the property in January 2010.
• NTUC Income Insurance Co-operative’s buy of 24% Parkway Parade, a retail mall located on Marine Parade Road with 65 years of lease remaining, for some $254.93 million or $1,888 per sq ft over its NLA.
Martin Koh | 86666 944 | R020968Z
Sherry Tang | 9844 4400 | R020241C
Senior Sales Director
DTZ Debenham Tie Leung (SEA) Pte Ltd (L3006301G)
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