This article is from the Australian Property Journal archive
LEND Lease has sold the PoMo retail and office building in Singapore for $S255 million.
Lend Lease owns 25% in the asset along with a private fund and the group will realise proceeds following debt repayments of circa $A24 million.
Built in the 1990s and formerly the Paradiz Centre, Lend Lease bought the property in 2007 and undertook a major refurbishment, which was completed recently. The group’s sustainability initiatives were recognised when PoMo won the 2010 Green Mark Platinum Award from Singapore’s Building & Construction Authority.
The property was put on the market in December.
Lend Lease group CEO Steve McCann said the divestment is in line with strategy to recycle capital and takes advantage of the strong market for retail and office assets in Singapore.
“The group’s focus in Singapore is primarily on retail developments, including the major suburban shopping centre Parkway Parade and 313@somerset on Orchard Road that opened in December 2009.
“In addition, Lend Lease has recently broken ground on the mixed use development Jurong Gateway which has secured the Ministry of National Development as anchor tenant for the commercial tower,” he added.
“In Asia, we have attractive retail and mixed-use developments which place us in a strong market position.
“We will continue to look at additional opportunities to use our integrated retail skills and recycle our capital,” McCann continued
Located at 1 Selegie Road, PoMo has a gross floor area of 234,996 sq ft and net lettable area of 182,060 sq ft — on a 43,027 sq ft site. Retail comprises approximately 40% of the space available and office the remaining 60%.
The 99-year leasehold building is 10 storeys high and has 143 car parking lots.
Australian Property Journal
