reporter2
01-04-22, 11:51
TA Corp to sell serviced apartment 12 on Shan for $86.5 mil
April 1, 2022
https://i.imgur.com/WJvFF5I.jpg
On April 1, Singapore-listed company TA Corporation announced that it is selling freehold serviced apartment 12 On Shan, located in Balestier, for $86.5 million. The property had previously been put up for sale in February of last year with a guide price of $93 million, or $1,367 psf based on the gross floor area (GFA).
TA Corporation’s indirect wholly-owned subsidiary, TA Realty, had issued an option to purchase dated March 11 to RL Properties. The option was validly exercised by the latter on March 31. RL Properties is a joint venture between RL Properties (a wholly-owned subsidiary of Roxy-Pacific Holdings), Macly Capital and LWH Holdings.
Under the option, 5% of the purchase price will be paid as at its exercise. The remaining 95% of the purchase price will be paid upon the completion of the sale under the option. The completion is slated to take place within three months from the date of the contract or four weeks after the date of the written notice served by TA Realty to the purchaser.
https://i.imgur.com/JAFwmaV.jpg
12 On Shan, located at 12 Shan Road, is a 15-storey building comprising 78 fully furnished apartments, with sizes ranging from 350 to 930 sq ft. Completed in 2018, it has a total GFA of 68,048 sq ft and total net lettable area of 51,652 sq ft. The property, which was originally a residential development, was converted to become a serviced apartment due to prevailing poor market conditions at the time, as well as other external business factors that included certain property market cooling measures, according to TA Corporation. Under the URA 2019 Master Plan, the site is zoned for residential use with a plot ratio of 2.8.
Read more at: https://www.edgeprop.sg/property-news/ta-corp-sell-serviced-apartment-12-shan-865-mil
April 1, 2022
https://i.imgur.com/WJvFF5I.jpg
On April 1, Singapore-listed company TA Corporation announced that it is selling freehold serviced apartment 12 On Shan, located in Balestier, for $86.5 million. The property had previously been put up for sale in February of last year with a guide price of $93 million, or $1,367 psf based on the gross floor area (GFA).
TA Corporation’s indirect wholly-owned subsidiary, TA Realty, had issued an option to purchase dated March 11 to RL Properties. The option was validly exercised by the latter on March 31. RL Properties is a joint venture between RL Properties (a wholly-owned subsidiary of Roxy-Pacific Holdings), Macly Capital and LWH Holdings.
Under the option, 5% of the purchase price will be paid as at its exercise. The remaining 95% of the purchase price will be paid upon the completion of the sale under the option. The completion is slated to take place within three months from the date of the contract or four weeks after the date of the written notice served by TA Realty to the purchaser.
https://i.imgur.com/JAFwmaV.jpg
12 On Shan, located at 12 Shan Road, is a 15-storey building comprising 78 fully furnished apartments, with sizes ranging from 350 to 930 sq ft. Completed in 2018, it has a total GFA of 68,048 sq ft and total net lettable area of 51,652 sq ft. The property, which was originally a residential development, was converted to become a serviced apartment due to prevailing poor market conditions at the time, as well as other external business factors that included certain property market cooling measures, according to TA Corporation. Under the URA 2019 Master Plan, the site is zoned for residential use with a plot ratio of 2.8.
Read more at: https://www.edgeprop.sg/property-news/ta-corp-sell-serviced-apartment-12-shan-865-mil