Home Capital Broker's Calls

Frasers Commercial Trust sells 55 Market Street for a 45% premium at $217 mil

Michelle Zhu
Michelle Zhu7/10/2018 11:19 PM GMT+08  • 2 min read
Frasers Commercial Trust sells 55 Market Street for a 45% premium at $217 mil
SINGAPORE (July 10): Frasers Commercial Trust (FCOT) is divesting 55 Market Street, its 16-storey commercial property at Raffles Place, to an unnamed third party for $216.8 million.
Font Resizer
Share to WhatsappShare to FacebookShare to LinkedInMore Share
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

SINGAPORE (July 10): Frasers Commercial Trust (FCOT) is divesting 55 Market Street, its 16-storey commercial property at Raffles Place, to an unnamed third party for $216.8 million.

In a Tuesday filing, FCOT’s manager says the consideration sum is equivalent to $3,020 per sq ft based on the building’s net lettable area (NLA) of 71,796 sq ft as at end-March, and represents a 44.5% premium above its $150 million valuation as at 1 July.

This is almost thrice the original purchase price of $72.5 million in 2006, adds the manager, and implies an annualised net property income (NPI) yield of 1.7% based on the NPI booked by the 55 Market Street over the latest quarter ended March.

For more insights on corporate trends...
Sign In or Create an account to access our premium content.
Subscription Entitlements:
Less than $9 per month
Unlimited access to latest and premium articles
3 Simultaneous logins across all devices
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)
×
Loading next article...
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
Subscribe to The Edge Singapore
Get credible investing ideas from our in-depth stock analysis, interviews with key executives, corporate movements coverage and their impact on the market.
© 2022 The Edge Publishing Pte Ltd. All rights reserved.