Singapore, 22 November 2015 - CBRE is pleased to launch the Expression of Interest sale of 15 Hoe Chiang Road. 15 Hoe Chiang Road, also known as Tower Fifteen, presents to the market a rare opportunity to acquire a freehold commercial building located right in Singapore’s Central Business District (CBD).
Tower Fifteen is a 29-storey office tower which comes annexed with a 3-storey hotel podium. The building has a site area of approximately 39,337 square feet, and a current Gross Floor Area (GFA) of 253,453 square feet which comprises of office and hotel space. The total existing Net Lettable Area (NLA) of the building is approximately 210,268 square feet. Based on the Masterplan 2014, the site is zoned “Commercial” with a plot ratio of 5.6+ and a building height of up to 35-storey. Conveniently located in prime Tanjong Pagar, Tower Fifteen is within walking distance to Tanjong Pagar MRT Station while the future Cantonment MRT Station under the Full Loop Circle Line, will be located across the road.Given its strategic corner site location, the building enjoys high visibility with wide building frontages and unobstructed sea views.
Sammi Lim, Associate Director, Investment Properties, CBRE said, ”The market has been anticipating the sale of a freehold commercial building in the CBD, given that buyers have been starved of such opportunities in the Singapore market over the last few years. Tower Fifteen is arguably the only freehold commercial building available for sale currently in the prestigious CBD, and hence we can expect strong interest from both the local and foreign buyers, which will include developers, investors, property funds and owner-occupiers
looking for a corporate headquarters with building naming rights.”
This building presents a valued opportunity to acquire an income producing asset, with the potential for the buyer to either redevelop or undertake Additions & Alterations plans for the building. Written Permission has been granted by the Urban Redevelopment Authority (URA) for redevelopment into a brand new 30-storey strata commercial development comprising of retail and office components. This allows the buyer full flexibility to explore various options for this building.
The immediate vicinity of the Tanjong Pager sub-market where Tower Fifteen is located represents the next phase of growth in Singapore’s CBD. Tanjong Pagar is positioned as a premier quality business and lifestyle district in the CBD differentiated by the richness of the historical district, park and landscape spaces. The area is currently undergoing rejuvenation with an excellent mix of new commercial, hotel and residential developments being developed. In the longer term as the 2014 Master Plan unfolds, Tanjong Pagar is set to be a keystone within the context of the Greater Southern Waterfront, and will form the link between the southern and northern business districts. Furthermore, Tower Fifteen located within close proximity to the container port can advantageously benefit from their relocation, and enjoy the completion of the future Greater Southern Waterfront.
“The multiple holding and development options that Tower Fifteen is able to offer will enable bidders to consider this opportunity widely and value the asset competitively. The buyer will be buying into an otherwise tightly held asset class, where property developers and REITs own majority of the office space in the CBD.” Sammi Lim added.
CBRE is the sole marketing agent for this Expression of Interest Exercise.
The Expression of Interest exercise for this Property will close on 27 January 2016, Wednesday at 3 pm.
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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.
