NTUC Income Prinsep House Attracts Would-be Buyers

SINGAPORE – Market sources revealed NTUC Enterprise Co-operative’s insurance division NTUC Income Insurance Co-operative has obtained offers for Prinsep House for an undisclosed amount, reported Mingtiandi on Sunday evening (19 June, SGT).

Completed in 1992, the 11-storey office building in 30 Prinsep Street has a total area of 47,215 sq ft, with a typical floor plate measuring 4,273 sq ft. The commercial property is part of an NTUC Income office portfolio, which also includes NTUC Income Tampines Junction and NTUC Income Tampines Point in northeastern Singapore.

This follows a report last week that the highest offer to buy NTUC Income Insurance Co-operative’s Income@Raffles office building has hit almost S$1 billion. And the three shortlisted bidders include a partnership between BlackRock and City Developments Ltd (CDL), Chinese investment company Bright Ruby Resources, and Sukanto Tanoto, an Indonesian mogul who established the Royal Golden Eagle (RGE) group, which in turn acquired the Tanglin Shopping Centre in February 2022.

Previously, NTUC Income Insurance Co-operative bought an initial stake of 49 percent in the office building for S$101 million in 2011. Thereafter, it purchased the remaining 51 percent interest for S$660 million in 2013.

Income@Raffles is situated at the heart of Singapore’s central business district (CBD) and is directly connected to the Raffles Place MRT Station.