While several investors put in a bid for the prime CBD assets two years ago, it took longer to complete the transaction as the pandemic delayed marketing efforts, according to, executive director for capital markets at Cushman & Wakefield, which brokered the deal. “Our applications to relevant authorities for alternative uses of the site and lease upgrade for part of the land plots to freehold status also took eight months to be approved,” he added.
TE Capital and LaSalle said in a joint statement that they plan to build a grade A office tower on the 1,815 square meter site, which is strategically located within walking distance of four major commuter train stations in the Raffles Place CBD. A 30-story office tower with a gross floor area of 218,434 can be built on the property based on the government’s 2019 master plan.
“We are pleased to add this strategic asset in Singapore to our assets under management vis this joint venture with LaSalle Investment Management,” TE Capital managing director said in a statement. “We have seen increasing office demand in the Singapore CBD from the technology and financial services tenants and are expecting a moderate level of new supply coming into the market in the next few years.”
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