On Nov 20, Coliwoo Properties and Macritchie Developments (a private company) announced they have formed a 50:50 joint venture to acquire 1 King George’s Avenue, a seven-storey commercial building that sits on a freehold land, with a site area of 5,612 sq ft.
The existing gross floor area is 28,829 sq ft and the net lettable area is 19,500 sq ft. The purchase price is $40 million.
Completion is either six weeks from Nov 20 or Dec 31, whichever is earlier.
According to Knight Frank, the property is a few minutes' walk from Jalan Besar MRT and Lavender MRT stations. The property does not qualify for either additional buyer’s stamp duty or seller’s stamp duty.
LHN will be the property manager.
Coliwoo was listed on the mainboard of the SGX on Nov 6 at an IPO price of 60 cents, but ended at 56.5 cents on Nov 20. The IPO raised $101 million.
See also: Can redevelopment raise Frasers Property’s valuation and get it up on the wanted list?
Macritchie Developments is 80% owned by Ching Chiat Kwong (better known as Oxley’s Ching) and 20% by his son, Shawn Ching.
“With interest rates trending down, we are seeing a significant pickup in investor interest and confidence. In an evolving real estate environment, buyers continue to seek value-added opportunities," says Melvin Chay, senior director, capital markets, Knight Frank Singapore, broker of this deal.
