<article>In a couple of real estate transactions by Singapore-based property firms, Second Chance Properties and CapitaLand have sold realty assets.</article>

In a couple of real estate transactions by Singapore-based property firms, Second Chance Properties and CapitaLand have sold realty assets.
<h3 style="text-align: justify;">Second Chance Properties sells 12 Haig Road</h3>
<a style="color: #000080;" href="http://www.secondchance.com.sg/" target="_blank" rel="noopener noreferrer">Second Chance Properties’</a> subsidiary, Super Chance Properties, is disposing of its retail unit at 12 Haig Road, #01-323 for a total consideration of S$10 million. The sale price is S$600,000 above the valuation estimated by Jones Lang Lasalle in August 2016.
According to the developer, the sale is due to downward pressure on rental income in the Paya Lebar area, which could negatively impact its unit. Proceeds from the sale will reduce its debt pile.
“New malls like the One KM and Paya Lebar Square have increased the supply of retail space in this area. The Malay population, which predominantly visits this area for Halal food now has many more options and as a result, the footfall in the area where our unit is located has been decreasing,&#8221; the company explained in a filing.
“Also, there were newspaper reports about the gloomy outlook for the retail sector in this area,” says the developer, “In fact, many tenants in the newly opened malls are struggling to get good business and meet their targets.”
<h3 style="text-align: justify;">CapitaLand divests 65% stake in Vietnam associated firm</h3>
<a style="color: #000080;" href="http://dealstreetasia.com/tag/capitaland" target="_blank" rel="noopener noreferrer">CapitaLand Limited</a>, through its wholly owned subsidiary CVH Sparkle Pte. Ltd., has divested its 65 per cent stake in Sparkle Value Homes Company Limited (SVH) for a total cash consideration of $4.6 million (~S$6.4 million).
SVH is a Vietnam-incorporated company that undertakes real estate development business in Vietnam, with the sale being part of CapitaLand enhancing its capital productivity.
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The consideration was arrived at on a willing-buyer-willing-seller basis, accounting for the net asset value of SVH of $3.4 million (S$4.7 million). This is based on its management accounts as of 31 May 2017.
Following the divestment, SVH has ceased to be a subsidiary of CapitaLand. The divestment is not expected to materially impact CapitaLand for the financial year ending 31 December 2017.
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Second Chance Properties, CapitaLand and Croesus Retail Trust are engaged in various property deals.

SG Realty: Second Chance & CapitaLand sell property assets

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SG Realty: Second Chance & CapitaLand sell property assets

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