Hong Kong-listed Shun Tak Holdings has made its first significant commercial investment in Singapore, with the $350 million acquisition of a 70 percent stake in TripleOne Somerset from a consortium led by Perennial Real Estate Holdings. While Perennial will receive around $101 million for its 20.2 percent interest, it will retain a 30 percent stake in TripleOne. It noted that the retention of the 30 percent stake will provide it with income stability, as well as the opportunity to benefit from the enhancement works and strata sales. Meanwhile, three companies are fully divesting their stakes in TripleOne. BreadTalk Group and Bousted Projects are selling their 5.3 percent and 5.5 percent stake for around $26.5 million and S$27.5 million respectively, while SingHaiyi Group is divesting its 20 percent interest for around $100 million. TripleOne Somerset is currently undergoing a $120 million asset enhancement programme. Set to be completed in late-2018/early-2019, the extensive works include incorporating medical suites of about 32,000 sqft, enhancing the retail offerings, and sprucing up the office lobby and common areas.... Continue Reading