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Sale by Expression of Interest, closing on 5 July (Thursday) at 3pm
SINGAPORE, 29 May 2012 – Jones Lang LaSalle is pleased to present for sale by Expression of Interest a 100% strata interest in 700 Beach, a high quality office building located in the Central Business District.
700 Beach is a modern and stylish, 8-storey office building, which is located in the Beach Road growth corridor between the landmark new Sports Hub and Marina Bay, and is within walking distance of the Nicoll Highway MRT station. Completed in 2004 and extensively refurbished in 2009, 700 Beach comprises 67,429 sq ft of strata area and is currently 100% occupied by high quality multinational tenants. Features include efficient floor plates of 8,998 sq ft to 13,810 sq ft, bright, airy loft-style space with 4.5 m ceilings, and a full sized lap pool and gym at the rooftop terrace.
The property sits on a commercial zoned site of 18,400 sq ft and existing plot ratio of 4.2, held in 55 strata title units and has obtained provisional outline planning permission (OPP) for conversion to hotel use.
Mr Ashish Manchharam, Head of Investments, South East Asia at Jones Lang LaSalle, comments “700 Beach Road presents a rare opportunity to acquire a good quality, fully leased office building suitable as a corporate headquarter for owner occupiers while providing potential upside through conversion into a hotel or strata sale of the existing units. With the growing number of large scale developments in the vicinity including South Beach, Ophir-Rochor site and the Sports Hub, we expect there will be strong interest from owner occupiers, investors and hotel owners.”
Mr Tom Oakden, Executive Vice President of Jones Lang LaSalle Hotels comments, “With the limited number of hotels in the vicinity and the growing demand from increasing tourist arrivals, 700 Beach provides the opportunity for a hotel owner to convert into a 200+ room hotel. The building is physically well positioned for a conversion into a hotel with the existing rooftop swimming pool and well designed entrance lobby. With limited opportunities in the Singapore hotel market, we expect strong interest for 700 Beach from hoteliers.”
The indicative price for 700 Beach is $120 million. The EOI will close at 3pm on 5 July (Thursday) 2012.