77 Robinson Road is up for sale for $575 million

Savills Investment Management has placed 77 Robinson Road up for sale. According to CBRE, who is marketing the building, the guide price is $575 million which works out to $1,960 psf based on the Net Lettable Area (NLA) of approximately 293,269 sq ft. At this price the net yield in one year will be in the region of 3.5%.
This is the second time that Savills Investment Management is putting the building up for sale. The first time was in September 2015. The asking price then was said to be around $650 million or $2,200 psf of its NLA. The building was first put up for sale in 2011 with a then guide price of $678 million or around $2,300 psf of its NLA.
77 Robinson Road is a 35-storey office building with 3 ground floor retail units and 180 car park lots. It was developed by Singapore Airlines and completed in 1997. It sits on a site with 99-year leasehold tenure from February 19, 1994, resulting in a balance lease of 77 years. Major tenants in the building include Adidas, Dentsu, DVB Bank and Sojitz. The current occupancy is close to 90%.
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