Singapore’s Suntec City is a hub for strata office deals (Source: Getty Images)
Singapore’s return to normalcy may be paying dividends for owners of office assets, with news reports today showing that a full floor in Suntec City has changed hands at a record high price. Also in the news, Angelo Gordon is said to be nearing an agreement to sell 22 condos in Singapore’s District 10 to an unnamed Indonesian family and data centre platform PDG has broken ground on a Tokyo hyperscale facility with Lendlease.
Suntec Floor Sells for Record $27.5M as Singapore Office Market Soars
An entire floor at Suntec City Tower 2 has been sold for S$38.8 million ($27.5 million) or a record-breaking S$3,300 per square foot, marketing agent Huttons announced on Monday.
The transaction marks the highest price per square foot ever achieved for an entire floor in Suntec City Tower 2, and the largest transaction by quantum price in 2022 so far. Read more>>
Angelo Gordon Said Nearing $121M Sale of Set of Singapore Condos
An Indonesian family is in exclusive due diligence to purchase 22 units in the Draycott Eight condominium in Singapore’s posh District 10 for a total of nearly S$168 million ($121 million) from US-based private equity group Angelo Gordon, according to Singapore’s Business Times.
The price works out to slightly below S$2,570 per square foot based on a total strata area of 65,401 square feet (6,076 square metres), say sources. Draycott Eight is a 136-unit condo on a site with a balance leasehold tenure of about 74 years. It received its Temporary Occupation Permit in 2005. Read more>>
Elizabeth Towers in Orchard Road Area on the Market for $453M
Freehold residential property Elizabeth Towers is up for collective sale again via public tender with a reserve price of S$630 million ($453 million), sole marketing agent Edmund Tie said Monday.
The property was previously put up for sale at the same price in November 2021. Located at 12 and 14 Mount Elizabeth, the property sits on a site area of 54,317 square feet (5,046 square metres). The price takes into account an 8 percent bonus floor area and reflects a land rate of approximately S$2,400 per square foot per plot ratio. Read more>>
PDG, Lendlease Break Ground on 100MW Tokyo Data Centre
Lendlease and Princeton Digital Group on Monday marked the commencement of construction of a 100-megawatt data centre campus with a groundbreaking ceremony in Saitama City, north of Tokyo.
PDG is investing $1 billion worth of capital in the new data center, which it will operate as one of the largest in Japan upon completion. Lendlease is developing the project on a build-to-suit basis on behalf of PDG as the initial project under its Lendlease Data Centre Partners venture. Read more>>
CBRE Appointed as Sole Agent for Sale of Hong Kong Shopping Centre
CBRE has been appointed as the sole agent for the sale of Concord Square, a shopping mall in the Tsuen Wan area of Hong Kong’s New Territories, according to a Monday announcement.
The property consultancy is conducting a public tender for the 163,500 square foot (15,189 square metre) retail property in an exercise set to conclude on 29 July, with the mall, which was developed by Pacific Concord Holding in 2002, having been renovated in 2018. Read more>>
Tencent-Backed Chinese Rental Apartment Platform Ziroom Denies Layoff Reports
Ziroom, an apartment management platform backed by China tech giant Tencent and Softbank, late last week took to Chinese social media to deny reports that it is laying off 20 percent of its staff.
Users claiming to be Ziroom employees had posted reports that the company is reducing staff in marketing, operations and design departments. Ziroom responded by saying it is only carrying out normal optimisation of its operations and that its business continues to operate normally. Read more>>
SHKP Sells Out Tai Po Homes for Second Straight Weekend
Sun Hung Kai Properties’ Silicon Hill flats have sold out for the second consecutive weekend, as homebuyers plunged into Hong Kong’s housing market to get ahead of higher interest rates.
Every one of the 198 flats on offer — including eight for sale by tender — at the project at Pak Shek Kok in Tai Po district sold out, according to sales agents. Read more>>
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