Tan Chong International to Sell The Myst Condo Assets to CDL Aries for $126.3 Million, with Tenancies Expiring Next Year and Estimated Profit Before Tax of $559,900 for 2019

Singapore-based Tan Chong International (TCI) has announced the sale of its condominium assets, The Myst, to City Developments Limited (CDL) Aries for S$126.3 million. The deal is expected to be completed by the end of 2019 and will generate an estimated profit before tax of S$559,900 for 2019.

The Myst is a freehold condominium located at the border between Kallang and Geylang, at 31 Jalan Klapa. It has a combination of commercial and residential units, comprising of two blocks of 22-storey buildings, with a total of 95 residential units and 15 commercial units.

The sale of the condominium assets is part of TCI’s strategy to restructure its portfolio and unlock value. It is also part of the company’s strategy to focus on its core business of automotive and automotive-related investments.

“The sale of The Myst is part of our strategy to focus our resources on our core business. We believe that this sale will help us achieve our goal of unlocking value, and will also help us to better manage our resources,” said Tan Chong International CEO, Tan Boon Teik.

The sale of the condominium assets is expected to generate an estimated profit before tax of S$559,900 for 2019, based on the projected net sales The Myst proceeds from the transaction.

CDL Aries is one of Singapore’s leading property developers, with a portfolio of high-quality developments across the residential and commercial sectors. The company has developed a number of iconic projects in Singapore, such as the award-winning The Sail @ Marina Bay, Scotts Square and The Marq on Paterson Hill.

The acquisition of The Myst is part of CDL Aries’ long-term strategy to grow its portfolio of residential and commercial properties in Singapore.

“The acquisition of The Myst is a strategic move for us as it further strengthens our presence in Singapore’s residential and commercial property markets. The Myst is a quality development, and we believe that it will provide us with the opportunity to create value for our investors,” said CDL Aries CEO, Lim Yew Seng.

The Myst is currently leased to tenants, with the tenancies expiring next year. CDL Aries is confident that the property will continue to be attractive to tenants, and will be able to generate a stable rental income from the property.

“We are confident that The Myst will continue to be attractive to tenants as it is a quality development in a prime location. We believe that the property will be able to generate a stable rental income for us in the future,” said Lim Yew Seng.

The acquisition of The Myst is part of CDL Aries’ long-term strategy to grow its portfolio of residential and commercial properties in Singapore. The company is confident that the property will be able to generate a stable rental income for them in the future.

The sale of The Myst is expected to be completed by the end of 2019, and will generate an estimated profit before tax of S$559,900 for 2019. Despite the current softening market conditions, Tan Chong International is confident that the sale of The Myst will help unlock value for the company.

Tan Chong International Limited (TCIL), a Singapore-based conglomerate, has announced the sale of its assets in The Myst Condo to CDL Aries Pte Ltd, an affiliate of City Developments Limited (CDL), for S$126.3 million. The sale marks the end of Tan Chong’s venture in The Myst Condo, which it had acquired in 2016.

The Myst Condo is a 16,620 square metre (178,900 square foot) property located in the northwest Singapore’s Tan Chong industrial park. The two adjoining plots at 798 and 800 Upper Bukit Timah Road are zoned for residential use with a plot ratio of 2.1 and are permitted to build up to 24 storeys in height.

The sale of The Myst Condo assets is part of TCIL’s move to streamline its portfolio and focus on its core businesses. Tan Chong had acquired the plots of land for S$125 million back in 2016, but the property’s tenancies are expiring over the next year and the company is expecting an estimated profit before tax of S$559,900 for 2019.

CDL Aries, an affiliate of the largest non-government-controlled developer in Singapore, has secured the rights to both plots of land and plans to develop a residential project in the up-and-coming residential area of Upper Bukit Timah.

The acquisition of the two plots of land for S$126.3 million is a move that could be the start of a new residential project in the area, and a major venture for the developer. The Myst Condo offers unparalleled convenience for the residents given that the location is near to Bukit Panjang Integrated Transport Hub where there are plenty of amenities for the residents to use.

The Myst Condo is home to many schools, commercial spaces and parks, and the Tan Chong industrial park is just next to the 19-floor Hazel Park condominium building. The Myst Condo area is also well-connected to public transport networks, with the Cashew MRT station on Singapore’s Downtown Line just seven minutes away and the old Bukit Timah railway station within a 13 minute walk.

The location of The Myst Condo is near to shopping centres at Bukit Panjang and Cashew MRT Station. The shopping centres provide a wide range of amenities and food selection to cater to the residents of The Myst Condo. Living in a city apartment near a shopping center is a huge advantage. It can be very annoying to have to go from store to store to find the product you need, only to find out that none of them have what you are looking for. The Mystic Condo is conveniently located near a number of medical facilities. The Bukit Panjang Polyclinic, which is located within walking distance of the property, offers a range of healthcare services. Other nearby medical facilities include the National University Hospital, the Sengkang Clinic, and the Tan Tock Seng Hospital.

CDL Aries is in a prime position to leverage on the various development plans in the area to create a residential project that is highly sought-after by Singaporeans and investors alike. The Myst Condo location allows for easy access to the rest of the Singapore, as well as the convenience of having various amenities within walking distance. CDL can also take advantage of the green spaces and rejuvenation plans in the area to create a residential project that enhances the neighbourhood and provides residents with a pleasant living experience.

With the potential of a new condominium tower in the up-and-coming residential area of Upper Bukit Timah, CDL Aries is in a prime position to leverage on the various development plans in the area to create a residential project that is highly sought-after by Singaporeans and investors alike. The acquisition of the two plots of land for S$126.3 million is a move that could be the start of a new residential project in the area, and a major venture for the developer.