Singapore-based Income Insurance has placed its Prinsep House commercial block in Dhoby Ghaut on the market.
The property, owned by the insurer formerly known as NTUC Income, is being offered for sale at a guide price of SG$157 million (US$118.3 million). This move is part of a series of asset disposals by the NTUC Enterprise group of social enterprises, parent enterprise of Income Insurance.
According to a report from Mingtiandi, the property's proximity to three MRT stations and its 999-year leasehold are highlighted as key features of the asset. Michael Tay, who oversees capital markets for Singapore at CBRE, notes the building's appeal to a range of potential buyers, including family offices, high-net-worth individuals, corporates, and boutique real estate funds, particularly due to its scale and tenure.
This sale follows closely on the heels of another transaction by Income Insurance's parent company, NTUC Enterprise. Just a few weeks earlier, NTUC Enterprise agreed to sell an 18-asset community retail portfolio to two Singapore-based real estate firms for a total of S$255 million (US$192 million).
These recent transactions are also part of a larger divestment strategy by Income Insurance and its former property investment manager, Mercatus. Over the past two years, as part of NTUC Enterprise's real estate portfolio reduction, assets worth a total of S$3.8 billion have been sold.
Notable sales include Mercatus divesting its half-stake in the NEX mall in Serangoon district to Frasers Property and Frasers Centrepoint Trust for S$652.5 million in January 2023, and the sale of Jurong Point and Swing By @ Thomson Plaza to Link REIT in December 2022.
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