SINGAPORE (Sept 13): ARA Private Funds, part of ARA Asset Management, has sold 61 Robinson for S$422 million (RM1.3 billion) to a Singapore home-grown private-equity fund company, reported Business Times on Sept 13.
Located at Robinson Road, the 20-storey 61 Robinson was formerly known as Robinson Centre, its revamp process is nearing completion this year. The building is within short walking distance to Tanjong Pagar and Telok Ayer MRT stations.
The report said the buyer is a fund, which was set up in March 2018, is managed by Rivulets Investments.
The price works out to S$2,973 psf based on the building's post-refurbishment net lettable area (NLA) of 141,958 sq ft. Prior to the revamp, the NLA was 133,221 sq ft, said the report.
ARA Private Funds purchased Robinson Centre from Taiwanese billionaire Tsai Tseng-yu in 2017, according to EdgeProp Singapore’s report. Although no price was disclosed, it was reportedly sold for about S$340 million, or about $2,600 psf.
Get the latest news @ www.EdgeProp.my
Subscribe to our Telegram channel for the latest stories and updates