Singapore Telecommunication, the owner of Optus, has sold an office property in Singapore for $163.4 million to Kajima-Lehman (Robinson) Development.
Kajima-Lehman, a joint venture company between Kajima Overseas Asia Pte Ltd and Lehman Brothers, has bought the property which is located No. 71 Robinson Road.
Formerly known as Crosby House, the property is a seven-storey commercial building that sits on a land area of 2,279 sqm at the junction of Robinson Road and McCallum Street.
The property is not required for SingTel’s operations and its sale will have no impact on the company’s other operations.
SingTel’s net gain on disposal of this property is expected to be $S143.54 million. The net book value of the site is about $S19.65 million. In July 2006, an independent professional valuer Chesterton International valued the site, on an open market value basis, at $69 million for commercial development.
SingTel’s deputy chief executive Chua Sock Koong said the sale will allow the company to free up cash resources and re-deploy them in the core telecommunication business and new investments.
By Kathryn O’Meara
