Singapore landmark building sold for $766 million

TripleoneA consortium led by Singapore property group Perennial Real Estate Holdings has bought the TripleOne Somerset building close to the city state’s main shopping strip Orchard Road at $766 million, the Business Times reported.

The property was acquired from a fund managed by Pacific Star. Jones Lang LaSalle and CBRE brokered the transaction.

Formerly known as the Singapore Power Building, the 17-storey property is on a site with a balance lease term of about 61 years. It is located opposite Somerset MRT Station. TripleOne Somerset’s office tenants include AXA Life Insurance, WorleyParsons, Parkway Group, International Air Transport Association and Petra Foods. Healthway Medical Group operates several clinics in the building.

Its retailer tenants include NTUC FairPrice which runs gourmet supermarket FairPrice Finest, Chinese restaurant group Imperial Treasure, Atlas Sound and Vision, and The Orientalist Carpets.

 



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A consortium led by Singapore property group Perennial Real Estate Holdings has bought the TripleOne Somerset building close to the city state's main shopping strip Orchard Road at $766 million, the Business Times reported. The property was acquired from a fund managed by Pacific Star. Jones Lang LaSalle and CBRE brokered the transaction. Formerly known as the Singapore Power Building, the 17-storey property is on a site with a balance lease term of about 61 years. It is located opposite Somerset MRT Station. TripleOne Somerset's office tenants include AXA Life Insurance, WorleyParsons, Parkway Group, International Air Transport Association and Petra...

TripleoneA consortium led by Singapore property group Perennial Real Estate Holdings has bought the TripleOne Somerset building close to the city state’s main shopping strip Orchard Road at $766 million, the Business Times reported.

The property was acquired from a fund managed by Pacific Star. Jones Lang LaSalle and CBRE brokered the transaction.

Formerly known as the Singapore Power Building, the 17-storey property is on a site with a balance lease term of about 61 years. It is located opposite Somerset MRT Station. TripleOne Somerset’s office tenants include AXA Life Insurance, WorleyParsons, Parkway Group, International Air Transport Association and Petra Foods. Healthway Medical Group operates several clinics in the building.

Its retailer tenants include NTUC FairPrice which runs gourmet supermarket FairPrice Finest, Chinese restaurant group Imperial Treasure, Atlas Sound and Vision, and The Orientalist Carpets.

 



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

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