Singhaiyi will be disposing of its Tri-County Mall property to Park Harbor Capital for a consideration of US$29 million ($39.1 million).
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The property is a two-storey enclosed shopping mall, at 11700 Princeton Pike Cincinnati, Ohio, US and is located in Springdale, Ohio, in the northern suburbs of Cincinnati approximately 20 miles north of downtown. The site area is about 3.3 million sq ft with an open car park space to accommodate 7,118 cars. The net rentable area is approximately 1.26 million sq ft which Macy’s owns 227,072 sq ft.
The sale consideration of US$29 million was arrived at a willing-buyer, willing-seller basis, taking into account the book value and the re-development potential of the property. The property will be sold on an “as-is” and “where-is” basis.
The book value of the property as at Mar 31 was US$18.7 million, while the original purchase price of the property was US$45 million.
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Shares in Singhaiyi closed at 11 cents on Nov 2.
Photo: Singhaiyi
