Singtel’s site at No. 50 West Coast Road fetches S$33 million
Singapore, 31 July 2006 – Singapore Telecommunications Limited (Singtel) today announced that it has sold the site at No. 50 West Coast Road for S$33 million to FCL Loft Pte Ltd, a wholly owned subsidiary of Fraser Centrepoint Properties Ltd.
The site at No. 50 West Coast Road was previously used for bulk cable storage. Singtel has obtained provisional permission for a condominium, with basement carpark and communal facilities.
Ms Chua Sock Koong, Singtel’s Group Chief Financial Officer and CEO International, said: “This sale will help us better utilise capital and free up cash resources that can be redeployed in our core telecommunications business as well as in new investments.”
The purchase price of S$33 million was arrived at after considering various commercial factors, including the development potential and location of the property.
The net book value of this site is about S$1.7 million, which gives Singtel a gain on disposal of about S$31 million. The sale was completed on 31 July 2006.