Real estate fund manager ARA Asset Management and UK property group Chelsfield are listing their jointly owned Singapore office building for a total selling consideration of about S$800mn ($584mn) as per sources. The asking price for the building effectively translates to S$3,319 per sq ft. The building is currently leased by Alibaba. Both ARA and Chelsfield purchased the building in 2019 for S$555.5mn ($405.5mn) under an equal partnership. Business Times notes, “Singapore office buildings remain prized assets even after landlords around the world were hit by a drop in demand when workers stayed home during the pandemic”.
ARA’s bonds were flat with its SGD 5.2% Perp at 100, yielding 5.19%.
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