Late this evening Soilbuild announced their intention to dispose of KTL offshore, at 61 and 71 Tuas Bay Drive, for a purchase consideration of S$55m.
The buyer is a wholly-owned subsidiary of Soilbuild Group Holdings Ltd. Soilbuild Group Holdings Ltd is the sponsor of Soilbuild REIT.
KTL Offshore was originally purchase on 31 Oct 2014. Consisting of two adjacent purpose-built factories along Tuas Bay Drive, 61 Tuas Bay Drive is a three-storey industrial building with ancillary office 71 Tuas Bay Drive is a part two/three storey building development with an ancillary office.
The valuers Savills and CBRE estimated the open market value of the property to be S$53m and S$50.4m respectively.
Soilbuild REIT will complete the transaction fully in cash.
Divestment cost of S$0.3m will be incurred by Soilbuild REIT, mainly for professional and other fees and expenses.