reporter2
04-05-18, 20:21
MYP unit to sell MYP Plaza at 135 Cecil Street for S$247m
Buyer of CBD tower linked to Filipino tycoon Lucio Tan
Sat, Apr 28, 2018
Wong Kai Yi
MAINBOARD-listed MYP announced on Friday that it has, through wholly-owned subsidiary Affreton, agreed to sell freehold MYP Plaza at 135 Cecil Street for S$247 million.
According to an exchange filing, the buyer is affiliated to Filipino billionaire Lucio Tan's group of companies, a conglomerate based in the Philippines.
The property in question is a 14-storey freehold office tower located in the central business district, and has a net lettable area of around 82,334.28 sq ft with three basement carpark levels.
It is situated near Raffles Place, Tanjong Pagar and Telok Ayer MRT stations.
MYP, an investment holding company, said the sale price was arrived at after arm's length negotiations, taking into account the property's indicative open market value as determined by an independent third-party property valuer.
MYP added that its board believes that the disposal of the property "maximises the interest of shareholders" as it is in "strategic alignment with the group's future plans and overall strategy".
But it cautioned that while the offer is legal and binding, the sale was still subject to the satisfactory results of an eight-week due diligence exercise, and the execution of a definitive agreement during the due diligence period.
The buyer will pay two deposits of S$2.47 million and S$9.88 million, with the majority payable upon completion of the sale.
Earlier in May 2013, The Business Times reported that the building was previously sold by Alpha Core Real Estate Fund to MYP, for a sum believed to be about S$182 million, in a deal brokered by Quillion Global.
Buyer of CBD tower linked to Filipino tycoon Lucio Tan
Sat, Apr 28, 2018
Wong Kai Yi
MAINBOARD-listed MYP announced on Friday that it has, through wholly-owned subsidiary Affreton, agreed to sell freehold MYP Plaza at 135 Cecil Street for S$247 million.
According to an exchange filing, the buyer is affiliated to Filipino billionaire Lucio Tan's group of companies, a conglomerate based in the Philippines.
The property in question is a 14-storey freehold office tower located in the central business district, and has a net lettable area of around 82,334.28 sq ft with three basement carpark levels.
It is situated near Raffles Place, Tanjong Pagar and Telok Ayer MRT stations.
MYP, an investment holding company, said the sale price was arrived at after arm's length negotiations, taking into account the property's indicative open market value as determined by an independent third-party property valuer.
MYP added that its board believes that the disposal of the property "maximises the interest of shareholders" as it is in "strategic alignment with the group's future plans and overall strategy".
But it cautioned that while the offer is legal and binding, the sale was still subject to the satisfactory results of an eight-week due diligence exercise, and the execution of a definitive agreement during the due diligence period.
The buyer will pay two deposits of S$2.47 million and S$9.88 million, with the majority payable upon completion of the sale.
Earlier in May 2013, The Business Times reported that the building was previously sold by Alpha Core Real Estate Fund to MYP, for a sum believed to be about S$182 million, in a deal brokered by Quillion Global.