Two adjoining eight-storey Grade-A office buildings at 7 and 9 Tampines Grande were sold to a JV between Evia Real Estate and Metro Holdings on Apr 18 for $395 million. The deal was brokered on behalf of the sellers, a fund under Alpha Investment Partners and City Developments Ltd (CDL), by C&W. Located in Tampines Regional Centre, Singapore’s first and most established regional centre, the two properties at 7 and 9 Tampines Grande have a combined NLA of 287,596 sqft. The purchase price, therefore, translates to $1,373.45 psf based on NLA. The buildings have a balance lease of 87 years, and tenants include AIA, Hitachi Asia and BNP Paribas. The latest sale of 7 & 9 Tampines Grande “demonstrates investor confidence in this tightly-held Grade A micro-market”, says Shaun Poh, executive director of C&W Capital Markets Group, who led the negotiations. The pair of buildings at Tampines was part of a portfolio of three office assets owned by CDL. The other two assets were the office tower at Central Mall on Magazine Road and Manulife Centre at the corner of Bras Basah Road.... Continue Reading