Singapore-based real estate investment house Pacific Star said on Thursday that the former Singapore Power Building is expected to open in January 2010. Now renamed TripleOne Somerset, the building is undergoing a S$50 million comprehensive facelift. The 32-year-old building, which Pacific Star acquired in February 2008, will introduce a revamped, striking frontage. The refurbished facade includes the...
Pacific Star Group
Singapore-based real estate investment house Pacific Star Group has agreed to buy the 25 percent stake held by MEAG Munich Ergo Asset Management in Prime REIT Management Holdings. Prime REIT owns 100 percent of listed Macquarie Pacific Star Prime REIT Management. It is also the sole owner of Macquarie Pacific Star Property Management, which is the property manager of MMP REIT. The purchase will increase...
The 17-storey Singapore Power Building on Somerset Road has been sold. Pacific Star Group did not disclose the price it paid but it is believed to be close to S$1 billion. The property group described the transaction as a landmark deal and one of the largest commercial real estate deals transacted in Singapore to date. It is planning a makeover of the 30-year-old property. Part of the plans will be to...
A new fund has been jointly set up by Pacific Star Group and HSH Real Estate – which is the real estate unit of HSH Nordbank – to invest in prime properties in Asia. It has a target fund size of 500 million euros (S$1 billion). The fund will initially target established markets, which include Singapore, Japan and South Korea. It may also tap emerging markets like China and India eventually. HSH Real...