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News Release

Singapore

San Centre – Commercial Building 450 metres from Chinatown MRT Up for En Bloc Sale by Tender by Jones Lang LaSalle

Tender closing on 25 March 2013 at 2.30 pm



SINGAPORE, 20 February 2013 – San Centre, a 12-storey office building located along Chin Swee Road, is offered for collective sale by tender, by sole marketing agent Jones Lang LaSalle.
Sitting on a land size of 28,719 sq ft, the building comprises 107 strata-titled office units and 80 carpark lots with a total gross floor area (GFA) of 131,895 sq ft. This reflects a plot ratio of about 4.59. The site is zoned for commercial use.  More than 80% of the owners, by floor area and share value, have consented to the collective sale.
In response to an Outline Planning Permission application, the planning authorities have advised that they are prepared to support the redevelopment of the site into a 20-storey hotel development or a mixed residential and commercial development with at least 60% of the space set aside for commercial use.
Mr Karamjit Singh, Head of Investments & Residential, Jones Lang LaSalle comments: “Strategically set in a premium location flanked by the Central Business District (CBD), the culturally rich Chinatown of Singapore and the vibrant Robertson Quay, the site enjoys the flexibility of various redevelopment options, thereby opening up the field to a wide group of developers and investors. A hotel redevelopment would cater to business travellers and tourists; while a serviced apartment, if approved by the planning authorities, could serve expatriates and medical tourists who require longer stay while visiting the nearby Singapore General Hospital.”
“It is also a viable option to retain its existing use as an office building as its close proximity to the Subordinate Courts could appeal to small and medium-sized law firms as potential buyers or tenants.  It would also be suitable for companies looking to move out of industrial premises to set up corporate offices at the fringe of the CBD.”
“The government’s latest round of property cooling measures on residential properties coupled with the recent strong demand for strata-titled retail and office units could spark off more collective sales of commercial buildings like San Centre this year,” says Mr Singh.
“The recent opening of Parkroyal on Pickering hotel and refurbishment of Chinatown Point in the vicinity have generated more buzz in  the already  vibrant Chinatown. Extensive development of nearby Pearls’ Hill area is also set to take shape progressively. In August last year, the government announced that Pearls Centre will be acquired and amalgamated with the adjoining state land for a high-density, mixed-use development. It was reported that the total land area after amalgamation would be around 2.8 ha at a GPR of 5.6. With a potential GFA of 1.68 million sq ft, the new development could be poised for a signature integrated residential and retail development in the Pearls’ Hill and Chinatown locale,” adds Mr Singh.
Located just 450 metres from the Chinatown MRT station, which is the interchange for the North-East Line and Downtown Line, the site enjoys direct and easy access to most parts of the island including the Central Business District and Orchard Road by both public and private transport modes.  The site is also close to the Outram Park MRT which is the interchange for three MRT lines, namely, East-West Line, North-East Line and the upcoming Thomson Line which is slated for completion in 2021.
The owners of San Centre are expecting offers in the region of $115 to $125 million which translate to approximately $872 to $948 per sq ft on the existing gross floor area. San Centre is on a 99-year leasehold site with a balance lease term of some 55 years.
The tender for San Centre closes at 2.30 pm on Monday, 25 March 2013.

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Notes to editors
About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet. Its investment management business, LaSalle Investment Management, has $47.0 billion of real estate assets under management.
Jones Lang LaSalle has over 50 years of experience in Asia Pacific, with over 25,100 employees operating in 78 offices in 14 countries across the region. The firm was named ‘Best Property Consultancy’ in nine Asia Pacific countries at the International Property Awards Asia Pacific 2012, in association with HSBC, and was named the number one real estate advisory firm in Asia Pacific in the Euromoney Real Estate Awards 2012. www.ap.joneslanglasalle.com  , www. Joneslanglasalle.com.sg
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