Ascendas-Singbridge partners Japanese firms to redevelop the former CPF Building
By Tan Chee Yuen
/ Ascendas-Singbridge |
Ascendas-Singbridge Group has entered into a joint venture with Japanese firms Mitsui and Tokyo Tatemono to redevelop the former CPF Building at 79 Robinson Road into a Grade A office building with retail amenities.
Ascendas-Singbridge and the consortium of Mitsui and Tokyo Tatemono will hold 65% and 35% stakes respectively in the joint venture company, Southernwood Property Pte Ltd. Ascendas-Singbridge and the Mitsui – Tatemono joint venture will own, develop and manage the project under the partnership.
The 47,050 sq ft site has a potential gross floor area of about 617,850 sq ft. The new development will comprise over 500,000 sq ft of prime Grade A office space with panoramic views of the city and the southern bay. The total development cost for the project is estimated at $1 billion.
Ascendas-Singbridge had won the tender for the sale of 79 Robinson Road by the Central Provident Fund Board (CPF Board) with a bid price of $550 million in November 2015.
Joint venture signing ceremony between Ascendas-Singbridge, Mitsui and Tokyo Tatemono to redevelop 79 Robinson Road
Source: Ascendas-Singbridge
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