Equity Plaza, a 28-storey office tower in Singapore’s central business district (CBD), has been sold for S$550 million to a consortium led by mainboard-listed GSH Corp.
Real estate consultancy CBRE, which brokered the sale, said the price works out S$2,181 per square foot (psf) based on the building’s current net lettable area of about 252,135 square feet.
Keppel Land was the seller of the property. GSH said it intends to retrofit Equity Plaza, which is 22 years old, to get it on par with newer buildings in the area.
“The subsequent investment to upgrade the facade and overall quality of the building will position the group to realise substantial value from the acquisition in the near future,” GSH CEO Gilbert Ee said.
Mr Jeremy Lake, CBRE’s executive director for investment properties, said the sale of Equity Plaza reflects continued interest in Singapore’s office market.
Just last month, Prudential Tower, another building in the CBD, was sold for S$512 million, or approximately S$2,316 psf.
Source : Channel NewsAsia – 25 Jun 2014