Sale Of Half-Stake In One George Street Completed
SINGAPORE – Buyer J.P. Morgan Global Alternatives announced on Monday (13 December, SGT) that it has completed the acquisition of a 50 percent interest in the One George Street office building for S$640.7 million (US$472 million).
This means the 23-storey Grade A office tower in Raffles Place within Singapore’s central business district (CBD) is valued at S$1.28 billion or roughly S$2,875 psf.
Notably, J.P. Morgan Global Alternatives is the investment division of J.P. Morgan Asset Management.
“One George Street exemplifies the type of differentiated properties in which we invest – well located, easily accessible, highly amenitised and sustainably designed and operated – that attract both quality occupiers and the talent that wants to work for them,” commented the buyer’s Chief Investment Officer & Head of real estate for Asia Pacific, David Chen.
As of 30 September, the prime commercial property recorded an occupancy level of 97 percent to more than 50 multinational tenants. This “will provide both opportunities for diversified and stable income,” stated J.P. Morgan Global Alternatives.
Aside from that, the office tower comes with large column-free floor plates and modern building management systems. It is also a eco-friendly building as it is a recipient of the Building and Construction Authority’s (BCA) Green Mark GoldPlus certification in March 2021.
With the purchase, Chen said J.P. Morgan Global Alternatives plans to take advantage of the “cyclical upswing” which had started earlier this year.
Furthermore, the acquisition of the commercial property highlight’s Singapore’s appeal as an investment destination in the region, coupled with the growing appetite for office space from tech firms and financial institutions amidst a moderate level of new office stock, Chen added.
