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Ascendas Real Estate Investment Trust (Ascendas Reit) has completed the divestment of No. 84 Genting Lane to Axxel Marketing for $16.68 million.
In a release issued last month, Ascendas Reit’s manager noted that the $16.68 million sale price is “66.8 percent higher than the original purchase price of $10.0 million”. In fact, the property has a market valuation of $15.8 million as at 31 March 2017.
With a remaining land lease tenure of around 22 years, the 19-year-old building has a gross floor area of 11,917 sq m and an occupancy rate of 90.1 percent as at 30 September 2017.
“Following this divestment, Ascendas Reit owns 100 properties in Singapore and 31 properties in Australia,” said the manager.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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