Real estate investment firm MYP Ltd., controlled by Indonesian tycoon and billionaire Dato' Sri Tahir, announced on Monday to sell ABI Plaza in Tanjong Pagar, Singapore, for S$200 million (US$145.98 million) to Artemis Ventures - Photo by Tahir Foundation

JAKARTA (TheInsiderStories) – Real estate investment firm MYP Ltd., controlled by Indonesian tycoon and billionaire Dato’ Sri Tahir, announced  to sell ABI Plaza in Tanjong Pagar, Singapore, for S$200 million (US$145.98 million). The buyer is Artemis Ventures, a Singapore-incorporated investment holding company and linked to a private fund managed by CapitaLand Fund Management.

The wholly-owned subsidiary Grace Shine entered into a conditional sale and purchase agreement (SPA) with Artemis on Sept. 24. MYP is a Singapore Stock Echange main-board listed company with business focus on investments in real estate and real estate-related assets. Jonathan Tahir as an Executive Chairman of this company.

For background, Grace Shine had bought the building for S$175 million in 2011, before MYP acquired in two tranches in 2013 and 2015. Back then, the total cost of acquisition attributable to the property was S$165.8 million. The latest deal price is about 20.6 percent higher than that cost of acquisition, but 23.1 percent lower than the property market value as at March 31 of S$260.1 million.

“It will be sold on an “as is, where is” basis as at the date of the SPA, and subject to and with the benefit of tenancies, leases, licenses or occupation agreements that are subsisting at the deal’ completion,” the management said in an official statement on Sunday (09/28).

In April 2020, Tahir has sold his Indonesian assets in the form of a building he owned to PT Bank Mayapada Internasional Tbk (IDX: MAYA) with a fantastic value of Rp3.5 trillion ($236.48 million). According to the president director, Hariyono Tjahjarijadi, the company had bought Topas Tower in Jakarta, the Mayapada Complex in Surabaya, East Java, and the Plaza Bali in Denpasar from Tahir. 

The lender budgeted the funds the purchases of the three assets from internal cash. After the asset sales, the funds will injected back to the bank as the deposit to increases the capital for the bank and to anticipate the impact of the worsening domestic economy due to the COVID-19 outbreak.

The controlling shareholder has made the capital increase twice. First, through the sale of assets, in the form of three buildings and through a cash injection of Rp252.09 billion to Bank Mayapada.

US$$1: S$1.37, Rp14,800

Written by Editorial Staff, Email: theinsiderstories@gmail.com