We made our first commercial property investment in March 2014 by acquiring a 20% stake in TripleOne Somerset for S$65 million, making us its second largest shareholder. The acquisition was made through a consortium led by Perennial Real Estate Holdings.
TripleOne Somerset is a 17-storey commercial building, comprising two office towers, two floors of retail space and over 400 parking lots, situated at a premium location in Singapore's prime shopping district of Orchard Road with great connectivity and convenient access to Somerset MRT Station.
Working with the consortium, SingHaiyi intends to boost the value of TripleOne Somerset through asset enhancement works which include enhancing the retail podium, creating a sheltered connectivity to Somerset MRT and strata-sale of the office space where feasible. The estimated cost of asset enhancement is about S$114.0 million.
|Acquisition Cost||S$970 million|
|SingHaiyi's Stake||20% (for S$65 million)|
|Tenure||Leasehold - 99 years from 1975|
|Expected Commencement of AEI||2016|
|Expected Completion of AEI||2018/2019|
|Gross Floor Area (sq ft)||~ 766,550
(Office: 648,610 / Retail: 117,940)