Hong Realty flipping Suntec office floor for 26% or S$7.6m gross gain

Singapore

HONG Realty, a privately held vehicle of the Hong Leong Group, is making a handsome gain from the sale of an office floor at Suntec City which it bought less than two years ago.

The company is selling Level 10 of Suntec Tower One for S$37.1 million to a Singapore-incorporated vehicle controlled by the Hong Kong-based Rosa family, which founded Rosa Securities.

The price is about S$7.6 million or 26 per cent higher than the S$29.48 million that Hong Realty paid for the space which it bought in 2018 from mainboard-isted IFS Capital.

The price under the latest deal works out to S$2,580 per square foot on the strata area of…