City Developments joint venture to sell Bras Basah Road property

City Developments building and Lau Pa Sat food court in Singapore’s central business district (CBD); taken October 2018.City Developments building and Lau Pa Sat food court in Singapore’s central business district (CBD).

City Developments said on Friday that Golden Crest Holdings, which is a joint venture 80 percent owned by its wholly owned subsidiary Bestro Holdings, entered a deal to sell its entire interest in Victorian Investment Holding, or VIH, for S$75.3 million.

VIH’s wholly owned subsidiary Victorian Property Holding, or VPH, owns the Manulife Centre property located at 51 Bras Basah Road in Singapore, it said in a filing to SGX after the market close on Friday.

City Developments will realize a pre-tax gain of S$144.3 million related to the deferred gain on the company’s sale of the property to Golden Crest in 2015, it said in the filing.

The gain represents a contribution of 13 Singapore cents to the basic earnings per share of City Developments, it said.

Bestro Holdings’ joint venture partner in Golden Crest is Golden Spot, an unrelated party which holds the remaining 20 percent in the venture, it said.

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