on EdgeProp.sg
Yangzijiang, a Singapore-listed shipbuilding group, and its subsidiaries, have agreed to purchase a 100% stake in 39 Robinson Road, an office block located in Singapore’s Central Business District (CBD).

The purchase price of the 21-storey office building is $399 million, which works out to $2,357 per square feet based on the gross floor area (GFA) of 169,252 sq ft. The transaction, which was entered through Yangzijiang Realty, a company 81%-owned by Yangzijiang, involved two other investors in the form of 9Co Parker and ICH Singapore Holdings. These companies acquired a 10% and 9% stake in Yangzijiang Realty, respectively.

Ren Letian, executive chairman and CEO of Yangzijiang, commented about the acquisition: “Having been listed on the SGX mainboard for 16 years and being an STI index component company, the acquisition gives us an opportunity to deepen our roots in Singapore with our very own office building. Furthermore, considering the highly inflationary environment, we see this as a good vehicle to preserve our existing capital over the long term while also providing us with stable rental cash flow.”

Ren further added that the office building will be used to create a financial hub that will attract the attention of institutional investors and family offices. He noted that this will be a one-off exercise, and the company’s main focus is on its core shipbuilding business.

To manage the office block and its marketing activities, Yangzijiang will appoint a professional real estate manager.

EdgeProp.sg has property listings near Robinson Road that potential buyers can check out.