Singapore Airlines Web Site - June 28, 2006
77 Robinson Road Photo
Singapore Airlines Limited has sold the SIA Building, at 77 Robinson Road, to TSO Investment Pte Ltd, a fully-owned subsidiary of a property fund managed by CLSA Capital Partners.
The sale price, at $343.88 million, is equivalent to about $1,165 psf. The building is not a core asset for the Singapore Airlines business, and the Airline’s corporate offices are not located in it. The decision to sell the building was made as part of a regular review of the Airline’s non-core assets, and following a successful private tender exercise, conducted by CB Richard Ellis.
Singapore Airlines redeveloped the SIA Building in 1997. It is a 35-storey office building and comprises net floor area of approximately 295,000 sq ft, plus 180 car park lots.
Singapore Airlines will use proceeds from the sale for investment and growth of the Company and its subsidiaries. The sale is expected to be completed in eight weeks.
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