SINGAPORE - Property developer Tuan Sing Holdings announced on Monday (Jan 14) that it has accepted a tender bid of $48.5 million for all of its majority-owned Century Warehouse property.

The property is an eight-storey freehold-industrial warehouse with a basement car park. It comprises 35 strata units with a total strata area of 56,539 square feet located in Pasir Panjang Road.

Tuan Sing's subsidiary, Asiaview Properties, owns 31 of the 35 strata units and close to 90 per cent of the strata area, while the other four strata units are owned by third parties. Tuan Sing and its subsidiaries will receive $42.4 million for their part of the property.

Following the evaluation of bids after the public tender closed on Nov 30, 2018, the sale committee issued the letter of award to a private investment company on Dec 27.

The buyer has paid $100,000 as tender fee and the deposit, which is 10 per cent of the consideration less the tender fee. The balance owed will be paid and the deal legally completed by March 27, 2019.