Half stake sold in Finexis Bldg at $2,300 psf on strata area

AN offshore fund managed by Singapore-based Sin Capital Partners is understood to have bought a half-stake in Finexis Building at 108 Robinson Road in a deal that values the 12-storey freehold office block at $123.8 million.

This works out to nearly $2,300 per square foot on the building's strata area of 53,830 sq ft, which is close to its total net lettable area.

In late 2011, another Sin Capital-managed offshore fund acquired the other 50 per cent in Finexis Building. That deal valued the property at $110 million, or $2,043 psf on strata area. Both transactions were effected through a sale of shares in Robinson Land Pte Ltd, which owns the property.