2 Office Floors At Springleaf Tower Sold

2 Office Floors At Springleaf Tower Sold For about S$53.9mil

SINGAPORE – URA Realis data revealed that two office floors at Springleaf Tower located on level 28 and 29 have changed hands for a total of S$53.9 million, according to a report from The Business Times that was updated on Friday afternoon (2 December, SGT).

The selling price works out to S$2,510 psf based on the two office floors’ combined strata area of 21,485 sq ft. Also, both office spaces are linked by an internal staircase.

The seller is Union (2009), which was previously called Overseas Union Insurance, while the acquirer is Esteel Enterprise, which owns a 61 percent interest in BRC Asia, a steel solutions provider listed on the mainboard. Esteel is controlled by Singapore citizen You Zhenhua.

Another firm controlled by You, Prosperity Steel United Singapore, is believed to own at least 3 other office floors in Springleaf Tower, which is Located close to the Tanjong Pagar MRT station.

The 37-storey Springleaf Tower stands on a land plot with a remaining leasehold tenure of almost 73 years. The site’s 99-year leasehold tenure commenced on 1 October 1996.

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