News & Articles Multi-billion Singapore tower sale creates Asia record
Multi-billion Singapore tower sale creates Asia record
6 Jun 2016
BlackRock Inc has agreed to sell a 43-storey office building in Singapore to Qatar Investment Authority, a sovereign wealth fund, for S$3.4 billion (RM10.2 billion), in what the US firm said was the largest-ever single-tower real estate deal in the Asia Pacific region.
Asia Square Tower 1, located in the city-state’s financial district, has over 1.25 million sq ft of net lettable area and has Citigroup Inc as its anchor tenant, BlackRock and Qatar Investment Authority said in a joint statement.
BlackRock also owns a second tower in the Asia Square development.
“Following this flagship transaction, we expect there will be increasing investor interest in Singapore prime office stock in the coming months,” Greg Hyland, head of capital markets Singapore at JLL, said in a separate statement.
The sale comes as vacancy rates in Singapore’s office property sector are nearing their highest level in almost a decade, with the supply of commercial space set to increase amid slowing economic growth.
Developers are set to add four million square feet of office space in Singapore this year and another 1.4 million next year, said Nicholas Mak, executive director at SLP International Property Consultants.
Asia Square Tower 1, located in the city-state’s financial district, has over 1.25 million sq ft of net lettable area and has Citigroup Inc as its anchor tenant, BlackRock and Qatar Investment Authority said in a joint statement.
BlackRock also owns a second tower in the Asia Square development.
“Following this flagship transaction, we expect there will be increasing investor interest in Singapore prime office stock in the coming months,” Greg Hyland, head of capital markets Singapore at JLL, said in a separate statement.
The sale comes as vacancy rates in Singapore’s office property sector are nearing their highest level in almost a decade, with the supply of commercial space set to increase amid slowing economic growth.
Developers are set to add four million square feet of office space in Singapore this year and another 1.4 million next year, said Nicholas Mak, executive director at SLP International Property Consultants.
Source: Therakyatpost.com
Latest Posts
-
Shah Alam Neighbourhood Spotlight: Why Auction Properties Here Are Worth a Second Look in 2026
-
Understanding the Proclamation of Sale (POS): What is a POS?
-
Jelajah Harta Tanah Malaysia 2026 Returns with Over 1,200 Property, Auto & Art Auction Opportunities
-
SD Guthrie and Sime Darby Property Advance Strategic Industrial Corridor into Next Phase
-
Industri hartanah perlu utamakan pemeliharaan ekologi - Nga