Sinarmas, Cortina sell properties

SINGAPORE - Two mainboard-listed firms have disposed of their properties in a bid to boost their coffers.

Property developer Sinarmas Land announced on Friday that it is selling a London property for 113.4 million pounds or about $233.7 million.

Its wholly-owned subsidiaries, SML Jersey Brook and SML Brook Partners, reached an agreement on Thursday to sell their entire interests in New Brook Buildings.

The property is a freehold Grade A office building located at Great Queen Street. It comprises of a 12-storey tower connected to a nine-storey wing and has a net lettable area of 99, 911 square feet.

The buyer was not identified in the announcement. Sinarmas said the sale during an upturn in the capital value of properties in the same area gives it a chance to realise an attractive rate of return on its investment.

It added that it intends to use the net proceeds for the repayment of the bank loan on the property, for future investment or development as well as for working capital purposes.

Separately, luxury watch retailer Cortina said it is selling a vacant commercial unit at The Adelphi for $5.4 million, excluding goods and services tax.

It's selling the unit to Jun Yuan Holdings at a price that is 5 per cent to 7 per cent less than the market valuation done by property consultants Colliers and DTZ.

But the price is 17 per cent more than the book value as of Nov 30. It said the sale price is the highest available to the firm. Cortina will use the proceeds to reduce its bank borrowings and to strengthen its working capital position.