Singapore continues to be an attractive destination for international investors, thanks to its stable political outlook, superior infrastructure and strong economic fundamentals.
Indonesia's Mayapada Group has proposed buying the Straits Trading Building in Battery Road for $560 million - a sum that would set a new PSF price record in Singapore for the 999-year leasehold Grade A office building in the heart of the Central Business District (CBD) from Sun Venture Group. The $560 million price works out to a record of about $3,520 psf based on the net lettable area of 158,897 sq ft surpassing the $3,125 psf for 71, Robinson Road, which was sold in 2008.
Mayapada Group already has two freehold commercial properties in Singapore - ABI Plaza in Keppel Road and MYP Plaza in Cecil Street, and is believed to be moving from the assets on the fringe of the financial district to the heart of the CBD. The Straits Trading Building will be a crown jewel in their commercial portfolio.
Indonesia's Mayapada Group has proposed buying the Straits Trading Building in Battery Road for $560 million - a sum that would set a new PSF price record in Singapore for the 999-year leasehold Grade A office building in the heart of the Central Business District (CBD) from Sun Venture Group. The $560 million price works out to a record of about $3,520 psf based on the net lettable area of 158,897 sq ft surpassing the $3,125 psf for 71, Robinson Road, which was sold in 2008.
Mayapada Group already has two freehold commercial properties in Singapore - ABI Plaza in Keppel Road and MYP Plaza in Cecil Street, and is believed to be moving from the assets on the fringe of the financial district to the heart of the CBD. The Straits Trading Building will be a crown jewel in their commercial portfolio.
Crown at Robinson in CBD district of Robinson Road has attractive freehold strata office units for sale
Sovereign wealth fund, Qatar Investment Authority (QIA), has agreed to buy Asia Square Tower 1 in Singapore's Marina Bay business and financial district from US private equity giant BlackRock for a record US$2.45 billion (S$3.4 billion) marking the biggest deal in Singapore in terms of dollar amount and square footage with QIA paying US$1,960 (S$2,667.5) per square foot.. According to data compiled by JLL, the sale represents the largest single-tower real estate transaction in Asia Pacific to date, and the second-largest single-tower real estate transaction globally.
Asia Square Tower 1 is a 43-storey tower comprising more than 1.2 million square feet of Grade A office space and nearly 40,000 square feet of retail space. Current tenants of Asia Square Tower 1 include financial services companies Citibank and Julius Baer as well as insurance firm Marsh & McLennan.
Asia Square Tower 1 is a 43-storey tower comprising more than 1.2 million square feet of Grade A office space and nearly 40,000 square feet of retail space. Current tenants of Asia Square Tower 1 include financial services companies Citibank and Julius Baer as well as insurance firm Marsh & McLennan.
Offices in city fringe locations are attractive to investors looking for good buys
Following this massive deal, there will be increased investor interest in Singapore prime office stock in the coming months with a growing demand from global investors looking for major single asset opportunities in the region such as Asia Square.
Consolidated from the print edition of The Straits Times on June 02, 2016, with the headline 'Indonesian tycoon offers $560m for building in CBD' and 'Sovereign wealth fund Qatar Investment Authority buys Asia Square Tower 1 for record $3.4b' on June 06, 2016
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