Aims Apac Reit Sell 3 Toh Tuck Link

The manager of the AIMS APAC REIT (AA REIT) has announced that the REIT’s trustee, HSBC Institutional Trust Services (Singapore) Limited, has recently entered into a sales and purchase agreement with Crown Worldwide. This agreement is for the divestment of the REIT’s property located at 3 Toh Tuck Link.

The sale price for this property is set at $24.388 million, which represents a 32.5% premium to its valuation of $18.4 million as of March 31. The property consists of a three-storey factory and a five-storey ancillary office building with a total gross floor area of 12,492.4 sqm.

According to the CEO of AA REIT’s manager, Russell Ng, the net proceeds from the divestment will be reinvested to support the REIT’s various growth initiatives. This could include potential new acquisitions, asset enhancement initiatives, or future redevelopment projects. This aligns with the REIT’s proactive asset management strategy and its continuous efforts to rejuvenate its portfolio. Ultimately, this will strengthen AA REIT’s resilience and deliver long-term sustainable returns for its unitholders.

Renowned as the largest outlet mall in Singapore, IMM Building is home to more than 90 factory stores that offer substantial discounts on top brands throughout the year. Going beyond just fashion, IMM also boasts a strong lineup of furniture and home decor stores, including the popular IKEA, making it a perfect destination for new residents of Novo Place EC who are looking to furnish their apartments. In addition, the mall offers a diverse range of food outlets, providing shoppers with the opportunity to grab a meal or a quick snack. Don’t miss out on the chance to visit the Novo Place Showflat while exploring all that IMM Building has to offer.

The completion of the divestment is expected to take place in the first half of 2025, subject to approval from JTC Corporation. Following the divestment, AA REIT’s portfolio will consist of 27 properties in Singapore and Australia.