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News Release

Singapore

Freehold commercial building in CBD for sale

Jones Lang LaSalle call for expressions of interest in the sale of Singapore Technologies Building


SINGAPORE, 6 October 2010 – Jones Lang LaSalle has been appointed to conduct an Expressions of Interest campaign for the sale of the Singapore Technologies Building - an investment grade 13-storey office building with ground floor showroom space located in the CBD’s Tanjong Pagar precinct.

The sale of Singapore Technologies Building presents a rare opportunity for investors to secure an existing office building located on a freehold land site within the boundaries of the CBD. Vehicular access is via the laneway off Cantonment Road allowing users to access the building without incurring ERP charges.  The building is currently occupied by various office tenants and provides the buyer with exposure to the improving CBD office rent cycle which has the potential to be further enhanced via refurbishment and asset management initiatives.

Prominently located on the corner of Cantonment and Lim Teck Kim Roads the building occupies an island site of 1,802.50 square metres (19,402 sq ft), visible from the busy AYE/ECP flyover.  The building comprises a gross floor area of 128,600 sq ft (current NLA area of 98,906 sq ft) with average office floors in excess of 15,000 sq ft and ample car parking of 135 lots (1 car park lot to every 733 sqft of NLA).  The building also has a unique rooftop garden space which can be used by the building occupiers for recreational functions.

Mr Anthony Barr, National Director at Jones Lang LaSalle says “Singapore’s commercial real estate market is benefiting from buoyant economic activity which in turn is driving strong rental and capital value growth. The Tanjong Pagar area in particular is experiencing strong tenant demand.”

“Given the excellent location and building specifications, we expect strong interest in this building across a wide investor base ranging from institutional investors, developers, private buyers and owner occupiers. Similar opportunities in Singapore for buyers to take 100% control of an asset of this size are rare,” Mr Barr adds.

The subject property will be sold by Expressions of Interest; submissions are due on 4 November 2010 (Thursday). Enquiries should be directed to Anthony Barr on +65 6494 3889.