PIL Building put on the market with S$350m guide price; EOI draws strong interest

📆 21/7/2020 10:54 am
📰 BusinessTimes

⏱ Reading Time:
29 sec. here
2 min. at publisher
📊 Quality Score:
News: 15%
Publisher: 51%

Singapore News News

Singapore Singapore Latest News,Singapore Singapore Headlines

PIL Building in Cecil Street - ultimately fully owned by the same entity that controls struggling Pacific International Lines (PIL) - has been quietly put on the market through an expression of interest (EOI) exercise that closed last Friday. Read more at The Business Times.

Located at 140 Cecil Street, the building was completed nearly four decades ago and substantially revamped in 2011.

Back-of-the-envelope calculations by some property consultants suggest that a development charge/differential premium of about S$80 million would be payable to the state for the rights to tap the 71,000 sq ft unutilised GFA; this does not include the lease extension premium that would be payable if the authorities agree to top up the leases for the two smaller plots to 99 years.

Assuming the property is sold, the PIL group of companies, which occupies some space in the Cecil Street building, is expected to lease back the space in the short term.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

Write Comment

Singapore Singapore Latest News, Singapore Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Trio of Geylang shophouses put on market with S$12m guide priceTHREE adjoining conservation shophouses at 223, 225 and 227 Geylang Road are up for sale collectively by expression of interest with a guide price of S$12 million, exclusive marketing agent CBRE said on Monday. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »