[UPDATE] CICT to divest One George Street, to book net proceeds of $344.8 mil

By The Edge Singapore / EdgeProp Singapore | November 13, 2021 5:33 PM SGT
Join our  Telegram  channel and follow our  Facebook  for the latest update.
SINGAPORE (EDGEPROP) - CapitaLand Integrated Commercial Trust is divesting One George Street and will book net proceeds of $344.8 million for its 50% stake.
The 23-storey Grade A office building at the Raffles Place area is being sold for $1.2815 billion to an entity known as SG OGS.
Knight Frank values the property at $1.175 billion as of Sept 30.
At the transacted price, that’s a unit price of $2,875 per square foot and was arrived at through a bidding process conducted by an appointed property consultant, believed to be CBRE.
ADVERTISEMENT
One George Street has a total net lettable area of 445,735 square feet and its committed occupancy rate was 96.9% as at Sept 30 2021 (Credit: CICT)
CICT’s share of the proceeds is around $640.7 million and based on the annualized year-to date September 2021 net property income and the consideration, the exit yield is approximately 3.17%.
One George Street has a total net lettable area of 445,735 square feet and its committed occupancy rate was 96.9% as at Sept 30 2021.
The property’s net property income for year-to-date September 2021 was $30.4 million on a 100% interest.
The transaction is expected to close next month.
CICT closed Nov 12 at $2.17, up 0.93%.
Check out the latest listings near One George Street, Raffles Place
Follow Us
Follow our channels to receive property news updates 24/7 round the clock.
EdgeProp Telegram
EdgeProp Facebook
Subscribe to our newsletter
Search Articles
Follow Us On
Our Sites
Edgeprop.sg (previously known as The Edge Property Singapore) – is the best property portal for home-seekers, buyers, investors and real estate agents alike in Singapore. On EdgeProp, you will be able to find all the latest news and views, informational guides, historical transactions and rental searches, and research data and analysis.
Whether you are looking to buy, sell or rent apartments, condominiums, executive condos, HDB flats, landed houses or commercial properties, we bring you Singapore’s the most comprehensive and up-to-date property news and thousands of listings to facilitate your property decisions.
Make better decisions with our easy-to-use free and paid tools. The Edge Fair Value tool lets users calculate the fair value of a property and find properties below market value in Singapore. Meanwhile, discover all things en bloc, including Singapore en bloc news, trends and our En Bloc Calculator, which helps to determine the probability of a Singapore project being put up for collective sale.
Web Version 4.6.24
Aside from that, EdgeProp also offers a market trend tracker that lets you access historical property data, sales volume and compare how similar properties are selling, a heat map that lets you find out where all Singapore’s most popular property sales locations are, a HDB lease tool that lets you calculate your HDB tenure, an affordability calculator, and a property watch list to track your preferred Singapore property by project or location, as well as new launches.
On the lookout for undervalued property or buying to rent? EdgeProp’s powerful search filters let you personalise your property-seeking experience – whether you are looking for a property near MRT stations, amenities like schools and childcare centres, or a good-value condo with a sea view – so that you find exactly what you are looking for.