S$680mil Sale Of Bugis Junction Towers Falls Through
SINGAPORE – It has been learned that the sale of the recently refurbished Bugis Junction Towers will no longer proceed after would-be buyer Sun Venture finished its due diligence in September, reported The Business Times on Wednesday morning (12 October, SGT).
The 15-level office building located on top of the Bugis MRT Station was expected to change hands at S$680 million, which translates to S$2,732 psf based on the commercial property’s net lettable area (NLA) of 248,853 sq ft.
Notably, Bugis Junction Towers forms part of an integrated commercial project, which also includes the Bugis Junction shopping centre and the InterContinental Singapore hotel. The commercial development stands on a leasehold site with a balance term of about 67 years.
Aside from that, The Business Times reported in August 2022 that Baring Private Equity Asia (BPEA) had scrapped its plans to acquire the 24-storey Parkview Square office tower, which is near the Bugis Junction Towers.
The potential buyer was said to have entered into exclusive due diligence to potentially buy the commercial property for roughly S$900 million. This would have translated to nearly S$2,700 psf on the office building’s NLA of 336,000 sq ft.
Parkview Square stands on a leasehold plot of land with a balance lease term of around 74 years.