JLL Scores with S$1.6B Singapore Duo Deal and More Agency Wins Mingtiandi Broker Battle

A pair of Singapore deals top the tables in this edition of Mingtiandi’s round up of agency wins, with JLL helping to ink the S$1.6 billion ($1.2 billion) acquisition of the Duo Tower and Duo Galleria by Allianz Real Estate and Gaw Capital, while CBRE and JLL jointly advised on Commerz Real’s sale of 71 Robinson Road for S$655 million.

On the mainland, Cushman and Wakefield advised Bank of China group on the acquisition of an office block in the Tongzhou R&F Center in Beijing for over RMB 3 billion ($420 million).

In Hong Kong, Savills, JLL and Colliers International each managed to broker transactions of HK$400 million or more.

Keep reading for all the details on which brokerage won deals this month, and if your team has capital markets or leasing victories to report, please contact us here at Mingtiandi.

Singapore

JLL brokered the sale of the Duo Tower and Duo Galleria – a 557,972 square feet (51,837 square metres) office tower and a 59,873 square feet gallery-style shopping mall – on behalf of a joint venture between Malaysia’s strategic investment fund, Khazanah Nasional Berhad, and Singapore’s state-owned investment company, Temasek Holdings. Allianz Real Estate and Gaw Capital, representing a sovereign wealth fund, agreed to acquire the complex for S$1.6 billion, paying the equivalent of S$2,590 per square foot. Read more>>

CBRE and JLL jointly advised Commerz Real on the sale of 71 Robinson Road in Singapore to Sun Venture for S$655 million. Commerz Real sold the 237,644 square foot (22,078 square metres) 13-storey office tower on behalf of the company’s open-ended real estate fund hausInvest for a price equivalent to just over S$2,756 per square foot. Read more>>

CBRE has been appointed to market for sale the Wilkie Edge mixed-use project in the city’s Bugis-Bras Basah area on behalf of homegrown construction group Lian Beng. The 10-storey complex has been approved for redevelopment into a 540-room hotel and 2,500 square metre commercial building. Lian Beng had purchased the property at 8 Wilkie Road from CapitaLand Commercial Trust two years ago for S$280 million.

CBRE has been appointed to sell the 27-unit Min Yuan residential building at 62 Waterloo Street in Singapore for redevelopment as a hotel with a maximum gross floor area of 61,443 square feet. The asking price for the project, which comes with a 999-year leasehold, is S$145 million or S$2,678 per square foot, excluding a development charge of S$19.5 million. Read more>>

Knight Frank, appointed by The Stratech Group’s Chew family, has re-launched for sale a good class bungalow at 80 Belmont Road at an asking price of S$40.8 million, or S$1,511.11 per square foot of freehold land, after an auction in July failed to find a buyer at an asking price of S$42 million. Read more>>

Hong Kong

Savills is reported to have brokered the sale on behalf of electrical and mechanical components supplier Johnson Electric of Johnson Place, an industrial property at 14-16  Lee Chung Street in Chai Wan. Fortune Creation Developments Limited paid HK948 million ($121 million), or around HK$9,929 per square foot, for the 95,476 square foot property. Read more>>

JLL is said to have brokered the sale of 111 High Street in Hong Kong on behalf of Hanison Construction Holdings for HK$420 million. Hong Kong-based Crane Capital is paying just over HK$20,720 per square foot for the 19,792 square foot residential block in the hip Sai Ying Pun area. Read more>>

Colliers International is said to have brokered the sale on behalf of Blackstone of self-storage supplier Minibox including the company’s real estate assets, most notably the Minibox Tower, a 68,296 square foot industrial facility formerly known as the Minico Building at 18 Lee Chung Street. Hanison Construction has agreed to pay HK$735 million to acquire the company. Read more>>

Colliers International has been appointed to broker for sale 13 flats, representing 81.25 percent ownership, at Orion Court on 17 Ede Road, on behalf of a group of homeowners. The 20,219 square foot set of former civil servants’ residences in the Beacon Hill area can be redeveloped into up to 60,000 square feet of new homes, with the sellers asking HK$600 million, or around HK$10,000 per square foot, for the assets. Read more>>

CBRE has been appointed by Macau-based fund manager Octa Capital to broker the sale of The Pemberton, a 24-storey office building at 22-26 Bonham Strand in Sheung Wan. The asking price of the 70,616 square feet property is HK$1.8 billion, or HK$25,000 per square foot. Read more>>

Mainland China

Cushman and Wakefield has assisted Bank of China in acquiring block C01 in Guangzhou R&F’s Tongzhou R&F Center, in the Yunhe business district of the Beijing satellite district of Tongzhou. The top four mainland bank is said to have paid over RMB 3 billion ($420 million) for the LEED Gold certified office tower, which has a gross floor area of 60,000 square metres. Read more>>

Savills has been appointed by Chengdu Financial City Investment and Development as sole joint leasing agent for the Tianfu International Financial Center in Chengdu. The 218-metre supertall twin towers, completed last year, have a leasable area of 160,000 square metres. Read more>>

Savills has been appointed as the sole leasing agent for the Cheng’Ao Building in Beijing’s Olympic Park area. Beijing Urban Construction Group and Beijing Investment Group, which jointly developed the 63.707 square metre office project, selected the consultancy after having completed the 19-storey building during the first quarter of this year. Read more>>

Research for this story was provided by Li Yanxia and Iris Poon. Mingtiandi’s Broker Battle series is published twice monthly on Tuesdays.