Retail and Office Podium in the heart of Raffles Place up for sale
Guide price of $5,000 – 5,500 psf on NLA for the retail podium and $3,000 – 3,300 psf on strata area for the office podium
SINGAPORE, 3 September 2019 – Jones Lang Lasalle Property Consultants Pte Ltd (“JLL”) and Cushman & Wakefield (S) Pte Ltd (“C&W”), as exclusive joint marketing agents, are proud to present an exclusive opportunity to acquire a premium retail podium and office space in the heart of Raffles Place.
Formerly known as Chevron House, 30 Raffles Place is currently undergoing a comprehensive Asset Enhancement Initiative (AEI) program. The refurbishment work costs approximately $100 million and is expected to complete by the first quarter of 2020. Major AEI works include a new mechanical & equipment (“M&E”) plant, new façade work, upgrading of toilets, lifts and lift lobbies. Specifically for the retail podium, the AEI works will also include conversion of carpark to retail space, reconfiguration of layout, new end-of-trip facilities, structural strengthening and new façade works.
The strata floor area breakdown of the property is as follows:
The retail podium at 30 Raffles Place consists of 2 strata lots and spreads across four floors from Basement 2 to Level 2. It has a net lettable area of 51,376 sf and a strata area of 61,516 sf. The retail podium is currently 80% pre-committed to a diverse mix of domestic and international tenants, including Food & Beverage (“F&B”), fitness and retail trade. As the common walkway forms part of the strata area, the additional income from media screens, advertising spaces, outdoor seating area, event spaces and ATM machines will belong to the retail owner. With significant frontage and a direct link from Basement 1 into Raffles Place underground network and MRT station, the Property is one of the most recognisable commercial assets in Raffles Place. The retail podium enjoys seamless connectivity and heavy footfall from the professionals working in and around the CBD.
The office podium at 30 Raffles Place consists of 3 strata lots and is located from Level 3 to Level 5. It has a total strata area of 58,286 sf. It can be easily accessed via escalator from level 1. Each floor features a generous floor-to-floor height of 4.2 m to 5.14 m which creates spaciousness on each level and has a full-height curtain wall window which allows natural light to pour in. The office podium is highly visible from the Raffles Place commercial square and owner-occupiers / tenants can potentially have signage rights onto the square.
Mr Clemence Lee, Senior Director, Capital Markets, JLL said: “Change Alley Mall offers investors an extremely rare opportunity to acquire a brand new income generating retail asset in a high traffic location. The level 3 to 5 office podium will suit an owner-occupier who is looking to acquire a premium office space with superior specifications and excellent visibility in the heart of Singapore’s CBD.”
Mr Shaun Poh, Executive Director, Capital Markets, Cushman & Wakefield said: “Singapore’s commercial real estate has witnessed a wave of interest from international property players in recent times, particularly investors from Hong Kong such as family offices and high net worth individuals. This sale presents yet another opportunity for foreign players to invest in a trophy asset. The building’s commanding position with high pedestrian footfall in Raffles Place will make its naming rights and signages extremely valuable.”
The indicative guide price $5,000 to $5,500 psf on NLA for the retail podium and $3,000 to $3,300 psf on strata area for the office podium. The strata lots can be purchased individually or collectively.
The Property will be marketed through an Expression of Interest exercise which closes on Thursday 10 October 2019 at 3pm.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.