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.
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.
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