Ascendas REIT sells Changi South Street property to Hao Mart for $20.3m

The sale price is 14% higher than the original purchase price of $17.8m.

Ascendas Real Estate Investment Trust (REIT) is selling a two-way ramp-up warehouse building along Changi South Street 1 to supermarket chain Hao Mart for $20.3m, according to a news release.

The sale price for No. 25 Changi South Street 1 is 14% higher than the original selling price of $17.8m and 2% higher than its market valuation of $19.9m. It is expected to be completed within Q1 2020.

The sale is not expected to have any material effect on Ascendas REIT’s net asset value and distribution per unit for the financial year ending 31 December.

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