Gambling tycoon Stanley Ho's Shun Tak Holdings has agreed to purchase the remaining 30 per cent stake in 111 Somerset from Perennial Real Estate Holdings for $155.1 million in cash.
Shun Tak already owns the remaining 70 per cent stake in the commercial development, having bought it from a Perennial-led consortium in January 2017 at an agreed property price of approximately S$1.258 billion based on net strata area.
In 2019, 111 Somerset completed a major asset enhancement exercise costing approximately S$120 million. The extensive works included enhancing the retail offerings at the retail podium, incorporating medical suites of about 32,000 square feet, and sprucing up of the office lobby and common areas. The two office towers, starting with the Somerset Tower, and the medical suites are also being sold on a strata basis.
111 Somerset is also known as TripleOne Somerset. Being just five minutes walk away from Somerset MRT station, its prime location in Orchard district is one of the major pull factors. The property enjoys two prominent frontages along Somerset Road and Devonshire Road which provide dual drop off and access to the development.
The Transaction was based on the property value for the net strata area. Perennial is expected to record a pre-tax gain on disposal of approximately S$25 million.
In December 2013, Perennial syndicated a consortium of investors to acquire 111 Somerset at a property price of S$970 million and held a 50.2% stake.
Perennial (Singapore) Retail Management will remain the property and project manager of 111 Somerset.