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Ascendas REIT divests Genting Lane property for $16.7 mil

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Ascendas REIT divests Genting Lane property for $16.7 mil

Michelle Zhu Published on Fri, Dec 22, 2017 / 5:42 PM GMT+8

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SINGAPORE (Dec 22): The manager of Ascendas REIT (A-REIT) is divesting 84 Genting Lane to corporate gifts firm Axxel Marketing for $16.68 million, which represents a 66.8% premium to the property’s original purchase price of $10 million.

The market valuation of the property at end-March this year was $15.8 million based on the valuation conducted by Knight Frank.

84 Genting Lane is located in an industrial estate bounded by MacPherson Road, Jalan Kolam Ayer and Aljunied Road.

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