50% stake in 99-Year Leasehold Redevelopment Site located in Singapore’s Prime CBD up for sale

Singapore, 11 February 2025 – CBRE and JLL, as joint exclusive marketing agents, are pleased to present an opportunity for investors to acquire a 50% stake in the proposed redevelopment of 79 Anson Road (“the Asset”), an existing office building in the Singapore’s prime Central Business District (CBD).

Sitting on a rectangular corner plot of approximately 28,163 square feet, the Asset boasts exceptional visibility with triple road frontages along Anson Road, Palmer Road, and Mistri Road. Under the URA Master Plan 2019, the Asset is zoned “Commercial” use with an allowable gross plot ratio of 8.4 and a building height control of up to 35 storeys. The vendor is proposing to offer the property with a leasehold land tenure of 99 years from the date of completion of the sale and purchase of the property.

79 Anson Road has been granted a Provisional Permission (“PP”) by the authorities to redevelop into a brand new 28-storey mixed-use development with 25% increase in GFA from 289,185 square feet to 361,465 square feet. The future development is envisaged to feature 10 storeys of Grade A office space and 12 storeys consisting of 255 upscale serviced apartments.

Located in the Tanjong Pagar micromarket, the Asset is within walking distance to three MRT stations, namely, Tanjong Pagar station (East-West line), Shenton Way station (Thomson-East Coast line) and the future Prince Edward Road station (Circle line).  It is well connected to other parts of Singapore via major expressways such as East Coast Parkway (ECP), Ayer Rajah Expressway (AYE), Central Expressway (CTE) and Marina Coastal Expressway (MCE). 

Over the past 8 to 10 years, Tanjong Pagar has gone through a phase of rejuvenation which has seen emergence of more Grade A office buildings, hotels, and quality F&B establishments.  The location will see further improvements with the impending completion of new developments such as Skywaters, Keppel South Central, and New Port Plaza / Residences.  As a result of this transformation, Tanjong Pagar has attracted major MNCs such as ING Bank, Microsoft, and ByteDance, as well as major hotels and luxury residential developments.



Mr. Michael Tay (郑兆能), Head of Capital Markets, Singapore at CBRE says “Currently, there is a lack of CBD commercial development sites on URA’s Government Land Sales (GLS) program so the market is facing limited land supply for office and hotel sites. Thus, this is an attractive proposition for investors seeking development opportunities within the CBD.  The offering of the site with a 99-year land tenure should also appeal to a wide array of investors and developers as the market is accustomed to acquisition of sites of such tenure under the GLS program.  Moreover, there is an opportunity to partner and leverage on the development expertise of United Engineers Limited, an international real estate player with strong development capability and experience.”

"On February 7th, 2025, the government announced the extension of the Central Business District Incentive (CBDI) scheme, signaling a commitment to continue revitalizing aging buildings in the city centre. This initiative aims to increase housing availability, enhance the residential population in the CBD, and introduce a diverse mix of uses, ultimately creating a vibrant district for work, living, and leisure. The proposed redevelopment of 79 Anson Road will play a role in supporting this important government initiative," Mr Tay adds.

Ms Ting Lim (林婷), Head of Capital Markets for JLL Singapore comments, “In today's market, investors are seeking higher returns with more dry powder allocated towards opportunistic strategies. This shift reflects a clear movement up the risk curve amidst the heightened interest rate environment. This redevelopment opportunity we are presenting in Singapore’s CBD is particularly compelling for investors looking to capitalize on development opportunities in a land-scarce investment market like Singapore. The opportunity provides an incoming investor access to a premium mixed-use development in partnership with Singapore’s pioneer developer, United Engineers Limited and Park Avenue, a well-established serviced apartment brand and operator.”

The indicative guide price for 50% stake of the Asset is S$325 million, which works out to a land rate of approximately S$1,800 per square foot per plot ratio (psf ppr).

The sale will be conducted via an Expression of Interest exercise, which closes on Wednesday, 9 April 2025, at 3pm.