Hong Kong’s Sino Land Secures Stakes In 2 Singapore Office Properties
SINGAPORE – Hong Kong-listed real estate developer Sino Land Company revealed that it has acquired stakes in two commercial properties with office components in Singapore during the fiscal year ended 30 June 2022, reported Yahoo! Finance on Thursday noon (25 August, SGT).
One of these is a 25 percent interest in the Golden Mile Complex, a mixed-use property along Beach Road that has an existing overall gross floor area (GFA) of about 609,791 sq ft.
“The project involves the redevelopment of the property into a new mixed-use development, which may comprise residential, office, and retail,” stated the firm’s press release.
Earlier this month, it was announced that the Golden Mile Complex has obtained the sale order from the Strata Titles Boards. In May 2022, it was reported that the mixed-use project was acquired by a consortium consisting of Far East Organization, Perennial Holdings, and Sino Land for S$700 million.
Sino Land Company also picked up a 20 percent stake in a commercial and residential site situated in Jalan Anak Bukit with a total GFA of slightly over 1 million sq ft. The development will comprise a combination of residential units, serviced residences, retail premises, and office space. The project will also be connected to a new bus interchange and to the Beauty World MRT Station.
However, Sino Land said that the performance of the office market during the period under review remained challenging as uncertainties arising from the COVID-19 pandemic continued to affect the office sector.
Nonetheless, the firm recorded an average occupancy of 89.7 percent for its office portfolio in the year ended 30 June 2022 compared to the same period in 2021.
Moreover, the group continued to enhance its office properties to increase competitiveness. Its new office projects – One North and Landmark South – comes with accredited green features and best-in-class building specifications.
“The group recently obtained the Occupation Permit for the Landmark South, and it should attract occupiers seeking high quality and sustainable office spaces,” added Sino Land.