Ascendas REIT announced on Aug 11 the proposed sale of No. 13 International Business Park to Pension Real Estate Singapore at $24.8 million. The proposed sale price is 24% higher than the property’s initial purchase price of $20 million.

No. 13 International Business Park is a seven-storey business park building designed with column-free floor plates. The property has a 39.6% occupancy rate as at June 30. The property, which has a gross floor area of 108,889 sq ft and a remaining land lease tenure of approximately 47 years, was valued at $22.4 million by Edmund Tie & Company as at March 31.

The completion date of the sale is set for Q3 2017.

Source: Ascendas REIT