A seven-storey office building at 22 Martin Road, formerly known as the AIG Building, has been put up for sale by expression of interest. The property sits on a freehold land of about 11,473 square feet, says its marketing agent Colliers International. The 10-year old development has a gross floor area of 34,556 square feet and a net lettable area of 31,603 square feet. It comprises retail space on the...
Singapore Office
One Finlayson Green, a freehold commercial building, has been sold to Kerisvale Pte Ltd for S$227 million. Jones Lang LaSalle (JLL), which brokered the deal on behalf of a fund managed by Lucrum Capital, said Kerisvale consists of a group of private investors and the sale price was the highest per square foot achieved this year at about S$2,520, or S$2360 per square foot on the strata area. The building,...
K-REIT Asia has increased its stake in Prudential Tower to 93 per cent from 73 per cent. Its trustee RBC Dexia Trust Services entered into a sale and purchase agreement with various parties to acquire levels 26 to 29 of the 30-storey building. This was at a purchase price of about S$125.1 million inclusive of rental support. Excluding the rental support, the effective purchase consideration is about...
Alpha Investment Partners Limited (AIP) - which is the property fund management arm of Keppel Land - and NTUC Income have agreed to jointly acquire Capital Square for S$889 million. Under the deal, Alpha Investment Partners will buy over a 50 per cent stake through its Macro Trends Fund. NTUC Income will hold the other 50 per cent. Alpha Investment Partners will be the asset manager upon completion of...
Ho Bee Investment expects its new office development at One-North in Buona-Vista to yield higher rents than initially projected, due to the growing demand for office space. Developers are building more office blocks outside of the central areas as robust economic growth pushes up demand for business space. It now projects that the project may fetch rental rates as high as S$8 per square foot. This...
The Ministry of National Development (MND) announced on Thursday that it has signed the Heads of Terms Agreement to take up a 30-year lease for 29,300 square metres of office space in the Lend Lease's white site development at the Jurong Gateway. This marks the first time a government agency is committing to a long-term lease with a private developer in its development project. MND announced last year...
Singapore's green drive is reaching new heights. It now boasts of having the highest solar panels in Southeast Asia at the Ocean Financial Centre. The 43-storey building is the first office development in Singapore to be awarded the Platinum Green Mark Award. Nestled in the heart of Singapore's financial district, the Ocean Financial Centre stands out with its sloping roof. But it is what is on its roof...
Hyundai Engineering and Construction has been awarded the contract for the construction of Asia Square's Tower 2. The South Korean contractor is currently overseeing the ongoing construction works of Asia Square Tower 1 and is scheduled to complete the building in June this year. This brings the total value of the construction of Asia Square to more than S$1 billion. The construction of Asia Square...
Net new office demand surged to 753,473 square feet in the fourth quarter of 2010, the highest quarterly since Q1 2007. The Q4 take-up was triple the 258,334 sq ft for Q3 and took the total for 2010 to 1.65 million sq ft, a sharp reversal of negative demand of about 236,806 sq ft in 2009. 'This once again demonstrates the fast recovery in the office market and the voracious appetite of office occupiers...
Mainboard-listed Overseas Union Enterprise said its premium commercial development, comprising OUE Bayfront and its adjoining properties, has obtained a Temporary Occupancy Permit (TOP) from the Building and Construction Authority. The development includes the conserved Aerial Tower and the refurbished Change Alley Linkbridge. OUE's executive chairman, Dr Stephen Riady, said the development has received...