Commercial En bloc sold will be very common in 2019…
Freehold Century Warehouse, an industrial warehouse located in District 5 Pasir Panjang Road, has sold en bloc for S$48.5 million.
The News was announced on Monday 14 January by Tuan Sing Holdings, a property developer which owned most of the Century Warehouse commercial property.
The enbloc site is an 8-storey freehold-industrial warehouse with a basement car park and has a gross plot ratio of 2.5.
The site measures 30,402 sq ft and has a total strata area of 56,539 sq ft. The industrial building comprises of 35 strata units.
Asiaview Properties, a subsidiary of Tuan Sing Holdings owns a total of 31 strata units which is almost 90% of the strata area while the other 4 units are own by 3rd parties.
Tuan Sing Holdings and its subsidiaries will stand to receive S$42.4 million for the part of the sale.
STB approval is not needed as there is 100% consensus among the owners that which includes the 4 owners & Tuan Sing.
Century Warehouse collective sale was launched in Oct 2018 with tender close on Nov 30. The reserve price was at S$57 million.
During the launch, it has received many bids from the interested parties. After evaluation of bids by the sale committee, tender was awarded to a private investment company on Dec 27.
The buyer has already paid S$100,000 as deposit and tender fee. By March 27, 2019 all balance will be paid and the enbloc deal shall legally completed.
Commercial en bloc sales success will be remain High in 2019, as many more will be sold.