Thursday, February 23, 2012

CCT paying $430m for office block in Tanjong Pagar

Straits Times: Thu, Feb 23
CAPITACOMMERCIAL Trust (CCT) has agreed to buy a recently completed office tower for $430 million, which works out to $2,121 psf of net lettable area.


Located in the Tanjong Pagar area, Twenty Anson is a 202,696 sq ft grade A office building completed in 2009.


The 20-storey building is fully occupied and houses tenants such as Blackrock and Toyota.


It was jointly developed by LaSalle Asia Opportunity Fund III and its partner Lum Chang, and has been awarded the Green Mark Platinum certification, one of the highest green building qualifications.


The average rent at the property stands at $6.18 psf per month, lower than the current market rate of $8.44 psf per month. CapitaLand said the building has significant rent upside potential when the leases are renewed...

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