MAPLETREE Logistics Trust on Thursday (Jun 13) announced its proposed divestment of 119 Neythal Road in Singapore for S$13.8 million.
In a bourse filing, the manager of the trust stated that a purchase agreement has been entered into with an unnamed, unrelated third party.
JTC Corporation has granted in-principle approval for the transaction, subject to the parties complying with the stipulated conditions.
The property in question is a five-storey cargo lift warehouse and a single-storey detached factory building. It has a net lettable area of approximately 11,188 square metres and a remaining land lease of about 15 years.
The sale price of S$13.8 million is 34 per cent above the property’s latest valuation of S$10.3 million as at Mar 31, 2024.
The transaction is expected to be completed by the second quarter of the 2024/2025 fiscal year.
