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SingPost unit to buy Axis Plaza in Malaysia for $13.1m

Published on Dec 26, 2013 11:08 AM

A wholly-owned subsidiary of Singapore Post has agreed to buy an office and warehouse complex in Malaysia for 34 million ringgit (S$13.1 million), the Singapore-listed postal services company said on Thursday.

Collective Developers, an indirect subsidiary of SingPost, will acquire Axis Plaza from Axis Real Estate Investment Trust (Reit), an Islamic office and industrial Reit listed on Bursa Malaysia.

The acquisition will support the expansion of SingPost's regional operations, the company said. It has paid a deposit of 10 per cent of the purchase price and will pay the balance with internal resources and bank borrowings when the deal is completed.

Axis Plaza, which is located in Temasya Industrial Park in Shah Alam, Selangor Darul Ehsan, was valued at 37 million ringgit by KGV International Property Consultants on Nov 26.

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