News release

CBRE and JLL as exclusive joint advisors on VisionCrest Commercial sale

July 10, 2023

Andrew Peck

+65 9823 7917

Melvin Lin

+65 8878 7329

SINGAPORE, 10 July 2023 – CBRE (NYSE: CBRE) and JLL (NYSE: JLL), as joint exclusive advisor to the Vendor, are pleased to offer for sale, VisionCrest Commercial (the “Property”), a freehold Grade A office building located in Singapore’s prime Orchard Road precinct. The sales offering will be conducted through an Expression of Interest (EOI) campaign, with all submissions of offers due by Thursday, 17th August 2023, at 3pm (Singapore Time). The indicative pricing is in excess of S$470 million for the Property, which reflects approximately S$3,157 psf measured on Net Lettable Area (NLA) or S$3,038 psf measured on strata area. The Property is offered on an asset basis.

VisionCrest Commercial is a 11-storey modern commercial building with office and ancillary retail space, comprising 148,854 sqft of NLA and carparking facilities of 114 lots. The Property is part of a mixed used development VisionCrest, that also includes the 265-unit VisionCrest Residence and the national monument House of Tan Yeok Nee.

VisionCrest Commercial offers the prospective purchaser immediate access to a stabilized income-generating property arising from a roster of blue-chip multinational tenants across diversified sectors such as Manulife Financial Advisors, German sports retailer – Puma SEA, Singapore’s leading conference organizer - IBC Asia, The Coffee Bean & Tea Leaf and Global solutions provider - Afton Chemical.

Within proximity to the Property includes premier investment bank - UBS Asia Pacific Headquarters at 9 Penang Road as well as technology giant - Lazada / Alibaba located at Lazada One. The staggered lease profile of the Property provides the opportunity to access the positive uplift of the office rental market over the next couple of years. The Property is also set to benefit from the gentrification of Orchard Road and the future redevelopment of Comcentre, which will further enhance Orchard Road as an office location.

The Property features excellent building specifications including efficient column-free floorplates of approximately 14,500 sqft, a full glass facade and a dedicated sheltered drop-off point. The Property has been awarded LEED Gold certification by the U.S. Green Building Council.

A comprehensive Asset Enhancement Initiative (AEI) program was completed in 2018 and subsequently in 2020, focused on substantial refurbishments to the Property’s common areas. These include enhancements to the main office lobby, addition of lobby café as well as improvements to all lift lobbies, lift cars, restrooms and air-conditioning systems on all respective floors.

VisionCrest Commercial comprises a total of 154,711 sqft of strata area or 21 titles which represents c.49% of share value. Considering restrictions on the strata subdivision of commercial properties announced by the URA in March 2022, the in-place subdivision provides an excellent opportunity for investors with future flexible exit strategies.

Mr Michael Tay, Head of Capital Markets, Singapore at CBRE says, “Visioncrest Commercial offers an exceptional opportunity to acquire a freehold institutional grade office asset in the tightly held Orchard Road precinct. Being nearly fully-let, the building will provide a strong and secure cash flow to an incoming investor. This would be a tremendous opportunity for an investor to leverage on the resilient Orchard office segment where office rents have been traditionally more stable and less susceptible to market fluctuations due to its highly established base of demand. Vacancies in the Orchard segment were at a low of 3.8% in 2022 while rents grew strongly for 4 consecutive quarters, achieving a 10.2% growth year-on-year. The Asset also presents a unique advantage for an incoming investor to explore strata sell down as a potential exit strategy, with it being already strata sub-division to 10 strata office floors and 11 strata retail units in total.”

“We are seeing a continued influx of family office funds seeking Singapore commercial opportunities for wealth preservation. The freehold tenure and palatable investment quantum will be attractive to a wide range of prospective investors from private wealth to institutional capital with value-add strategies,” says Ting Lim, Head of Capital Markets, Singapore, JLL.

About JLL

For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2022 revenue). The company has approximately 115,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at For more property listings in Singapore, visit: