CapitaLand, Southeast Asia’s largest property developer, is divesting its 163 strata-titled units at The Adelphi near City Hall MRT Station for approximately $218.132 million.
The company said on Friday that its indirect wholly-owned unit, Adelphi Property Ltd has entered into four sales and purchase agreements with Guthrie-SV (Commercial) Ltd, Guthrie-SV (Commercial A) Ltd, Guthrie-SV (Retail) Ltd and Guthrie-SV (Retail 1) Ltd for the divestment of its entire office and shop units at The Adelphi, a mixed use development in Singapore’s downtown district.
“The sale is in line with our active portfolio management strategy to unlock the value of non-core assets and recycle capital. The office sector remains a core business for CapitaLand and we are confident of the outlook of the office market in Singapore underpinned by the economy’s robust growth. We will actively seek good quality assets and new opportunities in Singapore that will enhance our core commercial portfolio,” said Wong Jen Lai, Senior Vice President of Investment and Asset Management at CapitaLand Commercial Ltd.
The Adelphi, which is located at 1 Coleman Street, is a 999-year leasehold, 10-storey mixed-use development comprising a six-storey office block and a five-storey retail podium with four levels of basement parking.
CapitaLand’s 163 strata-titled units comprise 77 retail units and 88 offices. It represents 55.13 percent or 16,543 sq m, of CapitaLand’s total share value at The Adelphi. The company expects to acquire an estimated profit of around S$15.7 million after tax upon the completion of the sales agreement, which arrived on a willing-buyer and willing-seller basis.