Singapore Post (SingPost) has confirmed that it has received a “preferred bid” for the sale of its portfolio of 10 HDB retail units has been identified.
The company was referring to the media reports by several publications, including The Edge Singapore, concerning the sale.
However, at this stage, the transaction has not been completed and is “subject to the necessary approvals” before the sale is finalised.
The bid is understood to come from Teo Kiang Ang, founder and non-executive chairman of Union Gas, and chairman and CEO of Trans-cab.
Teo had made the highest asking price of $55.5 million, 11% higher than SingPost’s asking price of $50 million.
The Edge Singapore had reported, in May, that SingPost initiated the divestment of the 10 shophouses with plans for a sale and leaseback model at the time.
See also: KSH raises $8.67 million placing out treasury shares at 30.5 cents each
According to a SingPost spokesperson, the locations of the shophouses are at Tanjong Pagar, Teban Gardens, Clementi West, Towner Road, Serangoon Central, Jurong West, Ang Mo Kio, Bukit Merah Central, Ghim Moh Estate and Bedok North.
On June 19, a sale-and-leaseback bid was conducted. Several media outlets reported that the shophouse in Bedok North has the highest asking price of $7.1 million, while the Teban Gardens shophouse has the lowest at $2.4 million.
As at 3.55pm, shares in SingPost are trading flat at 50.5 cents.
