Asia Green Up For Grabs With Guide Price of S$470mil
SINGAPORE – Asia Green, a Grade A office complex in the Tampines Regional Centre, has been launched for sale through an expression of interest (EOI) exercise with a guide price of S$470 million, which works out to S$1,645 psf based on its overall net leasable area (NLA), reported The Business Times on Friday afternoon (20 May, SGT).
Situated at 7 and 9 Tampines Grande, the commercial property consists of two 8-storey office buildings that were constructed in 2009. The twin premium office towers are connected by a double-volume entrance lobby on the ground floor with retail space and F&B outlets.
According to joint marketing agents Jones Lang LaSalle (JLL) and Cushman & Wakefield (C&W), Asia Green stands on an 86,110 sq ft site and has a total NLA of 285,559 sq ft.
The commercial development also has existing strata subdivision approval with 23 separate strata titles and an overall strata area of 319,249 sq ft. This gives the buyer the option to hold the commercial property as a whole or sell individual strata office floors.
C&W’s Executive Director of capital markets Shaun Poh pointed out that Asia Green is probably one of only three Premium Grade A suburban office buildings in Singapore and the only Grade A office building in the city-state’s Eastern Region
The office towers are also “future-proofed,” with a strong focus on eco-friendly features as reflected in the development’s Green Mark Platinum certification, he added.
Furthermore, the marketing agents revealed that Asia Green recently completed upgrades to its main lobby areas. The development also has excellent accessibility to both private and public transport, with the Tampines MRT Interchange Station being a stroll away, giving tenants access to both the East-West and Downtown lines.
“This commercial property presents investors with rare access to a core Grade A suburban commercial asset with immediate income yield from a roster of high-profile tenants, including Hitachi Asia, NCR Asia Pacific, Aldwych International, BNP Paribas Wealth Management and Sysmex Asia Pacific,” added Heather Liew, Senior Director at JLL.