Singapore: SIA Dispose of Its Namesake SIA Building

In line with the non-core business strategy, Singapore Airlines, has sold a building which is located at Robinson Road which has an SIA namesake/logo for S$343.9 million ($216 million). SIA redeveloped this building in 1997 and considered it as a non core asset. The new owner is TSO Investment which is a unit of a real estate fund managed by CLSA Capital Partners

SIA’s building is a 35-storey office tower with a net floor area of around 295,000 square feet (27,400 square metres) and 180 car park lots. The price works out to some $1,165 dollars per square foot. The world’s second-biggest airline by stock market value said in a statement the Singapore office complex, called SIA Building and was valued at S $118.8 million in its books.

SIA says it will use proceeds from the sale for investment and growing the company and its subsidiaries.

The sale is expected to be completed in eight weeks.

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