In addition to the sale of 39 Robinson Road, My Lan’s husband Eric Chu in February sold a development site in Hong Kong’s Quarry Bay for HK$435 million ($55.46 million), with that transaction representing a 35.8 percent mark-down from the HK$678 million which the local investor paid to purchase the property in 2018. The Hotel Telegraph was known as the So/ Singapore until after its purchase by Viva Land. The market for that leasehold property, which incorporates a historical building, has been further hobbled by restrictions on re-use of heritage properties. In its tender, Viva Land had been asking S$200 million for the 134-key Hotel Telegraph after buying the hotel at the corner of Robinson Road and Boon Tat Street in May last year for a record-breaking S$240 million. Viva Land had engaged JLL and CBRE to market the assets. Potential buyers who spoke to Mingtiandi noted that the controversy surrounding My Lan’s arrest and questions regarding the properties’ ultimate ownership stood as obstacles to a sale. Yangzijiang’s latest acquisition is located between the Raffles Place and Tanjong Pagar MRT stations in Singapore’s traditional commercial strip.Īt the time that Viva Land had put its Singapore assets on the market, it was asking S$470 million for 39 Robinson Road, or around 6 percent less than what it had paid to acquire the 21-storey office tower three years ago. Yangzijiang will also face the task of bringing the 1997-vintage property into compliance with tightening ESG standards which are driving corporate tenants to newer buildings, as 39 Robinson Road stands at around 55 percent occupancy, according to an offering document issued earlier this year.Įarlier this year, Singapore-based TE Capital and LaSalle Investment Management agreed to sell a floor in their nearby Solitaire on Cecil project on Cecil Street, two blocks from 39 Robinson Road, for the equivalent of S$4,196 per square foot, or around 30 percent more than the price per unit area which Viva Land secured on a net lettable area basis. The below-market pricing may also reflect the risk of potential repercussions from Van Thinh Phat’s legal drama in Vietnam, where reports this week implicated a former central bank official in the ongoing investigation.
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