Century Warehouse, a freehold industrial B1 development along Pasir Panjang Road, has been sold collectively for $48.5 million to a private investment company, according to Knight Frank who brokered the sale. This is $8.5 million less than the initial asking price of $57 million when the property was first put up for sale last October.

Century Warehouse is an eight-storey, freehold industrial warehouse with a basement carpark, and comprises 35 strata units. The development has a total strata area of 56,539 sq ft, and sits on a site with an area of about 30,402 sq ft.

Tuan Sing Holdings’ wholly-owned subsidiary, Asiaview Properties, owns 31 out of the 35 strata units, and close to 90% of the strata area. Hence, it will stand to receive $42.4 million in proceeds from the sale. The rest of the 4 strata units are owned by third parties. All the owners (100%) gave their consensus to sell the property.

The buyer has paid $100,000 as tender fee, which is 10% of the consideration less the tender Fee. The balance shall be paid on legal completion of the sale on March 27.