Food Empire Building (Photo: Cushman & Wakefield)
SINGAPORE (EDGEPROP) - Food Empire Building, a light industrial building in Toa Payoh held by Singapore-listed Food Empire Holdings, has been sold for $49.25 million to a wholly-owned subsidiary of Lian Beng Group. The deal was brokered by Cushman & Wakefield.
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The property is an 11-storey freehold multi-user light industrial building located at 31 Harrison Road, off Upper Paya Lebar Road. Spanning a gross floor area of 51,766 sq ft, the building is currently fully tenanted. It is within walking distance to the Tai Seng MRT station on the Circle line.
The sale of Food Empire Building shows that freehold industrial assets continue to be highly sought after given their limited supply, says Shaun Poh, executive director of capital markets at Cushman & Wakefield.
In a June 9 filing to the Singapore Exchange (SGX), Lian Beng Group states the acquisition is in line with its core business activities in property investments. “The group views the proposed Acquisition as a good opportunity to participate in a strategic investment of the property, where the group can derive rental returns which will be added to the earnings of the group,” the announcement reads.
Meanwhile, in a separate filing to the SGX, Food Empire states the disposal of the building is part of the group’s efforts to rationalise its businesses and that the property is considered to be non-core to the group.
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