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Chip Eng Seng divests Melbourne office building at $74 mln

By Angela Teo

/ EdgeProp |

August 16, 2017 7:38 PM SGT

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Chip Eng Seng Corporation announced on Aug 11 that its wholly-owned subsidiary, CES Properties (Aus), has entered into an agreement to dispose of an office building in Melbourne.

Located at 420 St Kilda Road, the property is set to change hands at a sale price of A$68.8 million ($74 million) on Aug 31. Sitting on a land area of 24.606 sq ft, the property has a total net lettable area of 112,580 sq ft and 134 parking lots. The buyer is said to be a global investment firm.

According to marketing agent CBRE Melbourne, the 10-storey St Kilda Road property is leased to firms such as ANZ Bank and APP Corporation. CES Properties (Aus) paid approximately A$45.2 million for the St Kilda Road property in December 2013.

Source: CBRE Melbourne

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