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Capital Square – Landmark office property for sale in Singapore

Capital Square – Landmark office property for sale in Singapore

SINGAPORE, 2 April 2015 – In a rare offering, investors are now given an opportunity to acquire a 50 per cent stake in Capital Square, one of Singapore's premier office properties. Located in the prime Raffles Place district of the Singapore CBD, Capital Square is a 16-storey office building with supporting retail amenity and heritage shop-houses. Pacific Champion Group Limited has exclusively appointed CBRE and JLL to jointly market its 50 per cent stake of Capital Square via an Expressions of Interest campaign commencing in April 2015.

Capital Square was developed by one of Singapore's leading property developers, Keppel Land, and was completed in 1998. The building is presently 100 per cent occupied, reflecting the strength of the office market in Singapore and the popularity of this building within Raffles Place.  Apart from the strong public sector sales, stellar performance of the office sector, which accounted for almost 40 per cent of the total deal value, was observed. Witnessing the most upbeat investment sentiment, office sector registered 35.8 per cent y-o-y, solely on the back of the AXA Tower deal.

Rental rates for Grade A buildings in Raffles Place are currently in the range of SGD 12 – 14 per square foot, which remains well below the peak of 2008. Given the high transparency of the market and the strong economy in Singapore, there has been high demand for prime office properties over recent times. The 2 most noteworthy recent sales include the sale of a 33 per cent interest in Marina Bay Financial Centre (MBFC) for circa SGD $1.248 billion ($2,790 psf of NLA) and the Straits Trading building in Raffles Place for SGD $450 million ($2,800 psf of NLA), both in the third quarter of 2014.



The high profile mixed-use development has won 10 prestigious architectural and building related awards, the most recent being the Building and Construction Authority of Singapore's Green Mark Gold Award (2012) and the National Safety and Security Watch Group Award (2013).  It has recently undergone a series of major upgrading to refresh its main entrance lobby, lift lobbies and common areas.

Greg Hyland, Head of JLL's Singapore Capital Markets team said, "The Singapore office market continues to perform strongly with CBD office rents gaining over 14 per cent in 2014 – the strongest across Asia Pacific.  This is an excellent opportunity for an investor to acquire an unique and high quality asset in the heart of this thriving market."

Jeremy Lake, Executive Director of CBRE said, "In addition to buyers who have invested in Singapore before, we know of 2 or 3 "new to market" offshore buyers who are actively looking for core office investments in Singapore. We expect Capital Square to appeal to these buyers because of its excellent location, high building specifications, blue chip tenant profile and secure income stream."

Capital Square has a total Net Lettable Area (NLA) of approximately 388,215 sq ft split between 3 distinct components:

23 Church Street is a 16-storey Grade A office building with NLA of approximately 340,605 sq ft.  The anchor tenants are Citibank, Morgan Stanley, Bloomberg and Amazon.  The typical floor plate is approximately 30,000 sqft, one of the largest column-free office floor plates in Raffles Place. 

21 Church Street is a standalone terrace of 2 & 3-storey shop houses with NLA of approximately 20,624 sq ft. It is currently used as offices and occupied entirely by Aberdeen Asset Management.

25 Church Street is also a standalone terrace of 2 & 3-storey shop houses with F&B on the ground floor and offices on the upper floors. It is multi-tenanted and has a NLA of approximately 26,986 sq ft. 

Capital Square enjoys very generous car park provisions.  There are a total of 362 car park lots in the development, which equates to 1 lot per 1,100 sq ft NLA.  This compares favourably with newer office buildings which typically have car park ratio of 1 lot per 4,000 to 5,000 sq ft NLA. 

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Note to editors:

1.       Download an image of Capital Square here.