Philips seen as selling last of its Toa Payoh properties

Singapore

HEALTH technology company Philips is in the process of selling its remaining industrial property in Singapore. The Business Times understands that discussions to sell the property, at 622 Lorong 1 Toa Payoh, are in advanced stages.

Word on the grapevine is that Philips appointed CBRE to conduct an expression of interest (EOI) exercise for a sale-and-leaseback of the 6-storey property, known as the Philips APAC Center. The EOI exercise is said to have been launched in September. CBRE declined to comment.

Industry observers say when the building was put on the market, the indicative pricing expectation was about S$100 million.

The building, which was opened in 2016, has a gross floor area (GFA) of about 409,000 sq ft and stands on …

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