Suntec REIT sells 30% interest in 9 Penang Road property

The aggregate consideration of the Sale Shares amounted to $89.9m.

The Suntec Real Estate Investment Trust (REIT) divested 30% of its interest in property at the 9 Penang Road to Haiyi Holdings Pte. Ltd.

This is comprised of 15 million ordinary shares and 678 redeemable preference share, which Haiyi Holdings agreed to but at $89.9m.

This is in addition to the 35% interest of Haiyi Holdings from the joint venture company, Park Mall Investment Limited, that owns the property. This brings up its total stake to 65%, whilst the remaining 35% is held by Phoenix 99 Pte. Ltd.

Suntec REIT estimated a net proceed worth $88.2m from the sale of the 10-storey development with two office blocks and ancillary retail.

Follow the links for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!