PUBLISHED MAR 17, 2017, 5:00 AM SGT
Blackstone Group plans to dispose Sime Darby Centre in Bukit Timah, one of the office and retail assets it acquired last year from Malaysian palm-oil producer Sime Darby Berhad.
Blackstone owns a 70 per cent stake in the Sime Darby Centre and Sime owns the rest.
Blackstone in May acquired a majority stake in three Singapore property assets, including the Sime Darby Centre, in a deal that valued them at about S$300 million, which it bought for slightly under S$200 million last year, said one of the people, who asked not to be identified.
Located along Dunearn Road and door step to King Albert Park MRT station, Sime Darby Centre houses tenants like kitchenware retailer ToTT, Scanteak, Cold Storage and ChildFirst pre-school.
Sims Darby Centre sitting on freehold and 999 year leasehold, holds 250,000 sq ft, of which about 80 per cent is office space and the rest is retail. The land parcels zoned for commercial use and with 1.8 plot ratio.
Some of the nearby freehold development include: Hills TwoOne at Hillview Terrace, The Creek at Bukit (Toh Tuck Road) and Remaja Residences @ Jalan Remaja (New condo at Jalan Remaja)
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