Cycle & Carriage Divests HQ, 3 Other Properties For S$333mil
SINGAPORE – Caveats lodged with the Urban Redevelopment Authority (URA) showed that Cycle & Carriage has completed the disposal of its regional HQ and three other properties for a total of S$333 million, reported The Business Times on Monday afternoon (6 March, SGT).
Previously, it was reported last October that the commercial properties would be sold and leased back for S$26 million per year for at least one decade. They include Mercedes-Benz Centre along 301 Alexandra Road, which is the 1st of its kind facility outside of Europe, and Jardine Cycle & Carriage’s headquarters at 239 and 241 Alexandra.
The other two assets are the Mercedes-Benz service centre for passenger and heavy commercial vehicles at 188 Pandan Loop, as well as Mercedes-Benz commercial vehicle showroom at 209 Pandan Gardens.
Cycle & Carriage Singapore, which is owned by Jardine Cycle & Carriage, is an investment holding company listed on the local bourse. In its latest financial results for the fiscal year 2022, it stated that “Cycle & Carriage Singapore completed a sale and leaseback arrangement of its properties for US$230 million” in February 2023.
The most expensive among the 4 properties was Jardine Cycle & Carriage’s four-level headquarters, which was sold for S$142 million or S$1,320 psf based on its 107,611 sq ft land plot. The site has a 99-year leasehold tenure with effect from 19 March 1956.
This is followed by the Mercedes-Benz Centre, which cost S$131 million or S$1,308 psf based on its 100,183 sq ft land plot. The seven-storey complex started operating in 2006. Sited on a 99-year leasehold site with effect from 1 July 1948, the building features a car showroom, office space, and a workshop.
Meanwhile, the 213,150 sq ft site at Pandan Loop changed hands for S$14 million, while the 319,342 sq ft land plot at Pandan Gardens was divested for S$46 million.