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  • Capital Square - Landmark Office Property For Sale in Singapore

Capital Square - Landmark Office Property For Sale in Singapore

April 2, 2015
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Singapore, 2 April 2015

In a rare offering, investors are now given an opportunity to acquire a 50 per cent stake in Capital Square, one of Singapore’s premier office properties. Located in the prime Raffles Place district of the Singapore CBD, Capital Square is a 16-storey office building with supporting retail amenity and heritage shop-houses. Pacific Champion Group Limited has exclusively appointed CBRE and JLL to jointly market its 50 per cent stake of Capital Square via an Expressions of Interest campaign commencing in April 2015.

Capital Square was developed by one of Singapore’s leading property developers, Keppel Land, and was completed in 1998. The building is presently 100 per cent occupied, reflecting the strength of the office market in Singapore and the popularity of this building within Raffles Place. 

Rental rates for Grade A buildings in Raffles Place are currently in the range of SGD 12 – 14 per square foot, which remains well below the peak of 2008. Given the high transparency of the market and the strong economy in Singapore, there has been high demand for prime office properties over recent times. The 2 most noteworthy recent sales include the sale of a 33 per cent interest in Marina Bay Financial Centre (MBFC) for circa SGD $1.248 billion ($2,790 psf of NLA) and the Straits Trading building in Raffles Place for SGD $450 million ($2,800 psf of NLA), both in the third quarter of 2014.

The high profile mixed-use development has won 10 prestigious architectural and building related awards, the most recent being the Building and Construction Authority of Singapore’s Green Mark Gold Award (2012) and the National Safety and Security Watch Group Award (2013).  It has recently undergone a series of major upgrading to refresh its main entrance lobby, lift lobbies and common areas.

Greg Hyland, Head of JLL’s Singapore Capital Markets team said, “The Singapore office market continues to perform strongly with CBD office rents gaining over 14 per cent in 2014 – the strongest across Asia Pacific.  This is an excellent opportunity for an investor to acquire an unique and high quality asset in the heart of this thriving market.”

Jeremy Lake, Executive Director of CBRE said, “In addition to buyers who have invested in Singapore before, we know of 2 or 3 “new to market” offshore buyers who are actively looking for core office investments in Singapore. We expect Capital Square to appeal to these buyers because of its excellent location, high building specifications, blue chip tenant profile and secure income stream.”

Capital Square has a total Net Lettable Area (NLA) of approximately 388,215 sq ft split between 3 distinct components:

23 Church Street is a 16-storey Grade A office building with NLA of approximately 340,605 sq ft.  The anchor tenants are Citibank, Morgan Stanley, Bloomberg and Amazon.  The typical floor plate is approximately 30,000 sqft, one of the largest column-free office floor plates in Raffles Place. 

21 Church Street is a standalone terrace of 2 & 3-storey shop houses with NLA of approximately 20,624 sq ft. It is currently used as offices and occupied entirely by Aberdeen Asset Management.

25 Church Street is also a standalone terrace of 2 & 3-storey shop houses with F&B on the ground floor and offices on the upper floors. It is multi-tenanted and has a NLA of approximately 26,986 sq ft. 

Capital Square enjoys very generous car park provisions.  There are a total of 362 car park lots in the development, which equates to 1 lot per 1,100 sq ft NLA.  This compares favorably with newer office buildings which typically have car park ratio of 1 lot per 4,000 to 5,000 sq ft NLA.

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Disclaimer:

Neither CBRE nor its affiliated companies make any warranties or claims on the implied accuracy of the information contained herein.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world's largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.

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liching
Li Ching Seah
Associate Director
Singapore
Marketing & Communications
+65 6326 1209
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