The Place Holdings has acquired the commercial site and plan to use as their Headquarter
Realty Centre has become the 2nd successful commercial en bloc sale for the year. The office building that is located in Tanjong Pagar fetched S$148 million.
However, the sale figure is much lower than the S$165 million reserve price that the owners had expected.
Cushman & Wakefield were the marketing agent for the sale. The 12-storey building had been launched for en bloc sale earlier this year in the month of January.
The Place Holdings which is listed in Singapore has bought this property. As per early information available they have plans to redevelop this property into a mixed-use residential cum commercial tower if they are able to get necessary approvals from the authorities.
In the latest filing to the Singapore Exchange (SGX) the company also mentioned its plans to use the building as its headquarters.
The company is into the business of branding, event management and other tourism related businesses. The Place Investment Group from China backs this Singapore unit of the business.