Income Insurance, a Singaporean company, has put the Dhoby Gamut commercial block Prinsep House up for sale.
Pakka Commercial: Assets Totaling S$3.8 Billion
The property is being offered for sale with a guide price of SG$157 million (US$118.3 million). It is owned by the insurer that was previously known as NTUC Income.
This action is a part of the NTUC Enterprise group of social enterprises’, Income Insurance’s parent company, series of asset disposals.
The property’s 999-year leasehold and close proximity to three MRT stations are cited as important asset features, according to a Mingtiandi report.
The building’s appeal to a variety of potential buyers, including family offices, high-net-worth individuals, corporates, and boutique real estate funds, is highlighted by Michael Tay, who oversees capital markets for Singapore at CBRE.
This is especially true given its scale. and tenure and tenure This sale happens soon after NTUC Enterprise, the parent company of Income Insurance, completed another deal.
Commercial Street
rprise had agreed to pay two Singaporean real estate companies S$255 million (US$192 million) for the sale of an 18-asset community retail portfolio.
These most recent deals are a component of Income Insurance’s and its previous property investment manager Mercator’s broader divestment plan.
Assets totaling S$3.8 billion have been sold over the last two years as part of NTUC Enterprise’s real estate portfolio reduction.
Notable sales include the January 2023 S$652.5 million sale of Jurong Point and Mercator’s half-stake in the NEX mall in the Serangoon district to Frasers Property and Frasers Centrepoint Trust.
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