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Mainboard-listed Isetan on Wednesday (15 June) announced that it will sell Tai Wah Building on Killiney Road to Soon Li Heng Civil Engineering for a consideration price of S$10 million.
The consideration price, which is exclusive of the goods and services tax, was arrived at on a willing-buyer, willing-seller basis. The total valuation of S$10.7million was given by the group’s commissioned valuer, property consultancy DTZ Debenham Tie Leung (SEA).
In a filing to the Singapore Exchange, the group said it only holds the 4,316 sq ft freehold property for its rental income. It noted that the deal will be paid in cash, and that proceeds will be redirected towards the group’s core retail business operations.
Nikki De Guzman, Editor at CommercialGuru, edited this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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