SLB announces acquisition of North Canal Road commercial building, Melbourne office

By Atiqah Mokhtar / EdgeProp Singapore | June 9, 2022 7:23 PM SGT
Matthew Ong, executive director and CEO of SLB (Photo: Albert Chua/The Edge Singapore)
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SINGAPORE (EDGEPROP) - Singapore-listed property developer SLB Development has announced the acquisition of two properties - a commercial building in Singapore for $14.38 million as well as an office building in Melbourne, Australia for A$35.5 million ($35.3 million).
The commercial building in Singapore is a four-storey property located at 30 and 31 North Canal Road. The building sits on a total land area of 3,307.64 sq ft and has a net lettable area (NLA) of 11,464 sq ft. It is within close proximity to MRT stations such as Clark Quay (North East line) Chinatown (North East and Downtown lines) and Raffles Place (East-West and North-South lines). (Find Singapore commercial properties with our commercial directory)
Map and overview of 30 North Canal Road - EDGEPROP SINGAPORE
Map and overview of 30 North Canal Road (Source: EdgeProp LandLens)
The Australian property is a 12-storey office building located at 225 King Street in the Melbourne CBD. It comprises 67,663 sq ft of NLA. The acquisition is subject to obtaining approval from the Australian Foreign Investment Review Board.
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SLB also announced the completion of its purchase of 17 shophouses currently operating as Hotel Clover in Jalan Sultan for $74.8 million. The company had announced the acquisition of Hotel Clover through a joint partnership with Weave Leaving on March 11.
Matthew Ong, executive director and CEO of SLB, says the acquisitions have diversified the company’s short-term recurring income stream by asset portfolio and geographic base. "Apart from the ‘living sectors’ segment, we have also extended our reach in the office space in these latest acquisitions in both Singapore and Australia," he adds.
SLB intends to carry out asset enhancement initiatives for all three assets. For Hotel Clover, the asset will be repositioned into serviced residences, while the two office assets will undergo "green and sustainable repositioning", says Ong.
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