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City Developments JV closes S$556M property deal in Singapore with Ara Asset JV

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City Developments JV closes S$556M property deal in Singapore with Ara Asset JV

Golden Crest Holdings Pte. Ltd., an 80/20 joint venture between City Developments Ltd.'s Bestro Holdings Ltd. subsidiary and Golden Spot LLP, sold the Manulife Centre at 51 Bras Basah Rd. in Singapore for S$555.5 million.

The new owner of the 11-story commercial building with an estimated net lettable area of 242,000 square feet is a 50/50 joint venture between Ara Asset Management Ltd. and Chelsfield Asia Ltd.'s Chelsfield Asia Fund 1, DealStreetAsia reported Jan. 4.

The property was put on the block in April 2018 with the expression of interest process jointly overseen by JLL and Savills.

City Developments is expecting a pretax gain of S$144.3 million from the transaction, which was completed during the first quarter of 2019, according to a news release.

As of Jan. 4, US$1 was equivalent to S$1.36.