Cycle & Carriage Singapore sells Mercedes-Benz Centre and three other properties for S$333 million
AUTOMOTIVE group Cycle & Carriage Singapore has completed the sale of four of its properties to M&G Real Estate for a total of S$333 million, based on caveats lodged with the Urban Redevelopment Authority.
It was reported in October 2022 that the four properties, which include the Mercedes-Benz Centre – the first facility of its kind outside Europe – at 301 Alexandra Road, and Jardine Cycle & Carriage (Jardine C&C) headquarters at 239 and 241 Alexandra Road, were to be sold for an undisclosed sum, and be leased back at S$26 million per annum, for at least 10 years.
The other two properties are the Mercedes-Benz commercial vehicle showroom at 209 Pandan Gardens and the Mercedes-Benz service centre for passenger and heavy commercial vehicles at 188 Pandan Loop.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
Homebuyers shun new real estate in Vancouver, hurting builders
US pending home sales jump in March to hit highest in the year
Blackstone strikes US$1.6 billion student housing deal with KKR
European real estate deals slump to lowest level in 13 years
Singapore Q1 industrial rents rise further as occupancy dips and prices fall: JTC
Condo resale volumes rebound in March; prices inch up 0.4%: SRX, 99.co