Evia Real Estate and Metro JV acquire 7 & 9 Tampines Grande for $395 mil

/ EdgeProp Singapore |
Join our  Telegram  channel and follow our  Facebook  for the latest update.
Two adjoining eight-storey Grade-A office buildings at 7 and 9 Tampines Grande were sold to a joint venture between Evia Real Estate and Metro Holdings on April 18 for $395 million. Evia is a privately-held property developer, while Metro is a Singapore-listed department store operator-turned-property developer.
The deal was brokered on behalf of the sellers, a fund under Alpha Investment Partners and Singapore-listed property group City Developments Ltd (CDL), by Cushman & Wakefield (C&W).
Located in Tampines Regional Centre, Singapore’s first and most established regional centre, the two properties at 7 and 9 Tampines Grande have a combined net lettable area (NLA) of 287,596 sq ft.
The two adjoining, eight-storey buildings at 7 and 9 Tampines Grande have tenants such as AIA, Hitachi Asia and BNP Paribas (Credit: Cushman & Wakefield)
The purchase price therefore translates to $1,373.45 psf based on NLA. The buildings have a balance lease of 87 years, and tenants include AIA, Hitachi Asia and BNP Paribas.
The latest sale of 7 & 9 Tampines Grande “demonstrates investor confidence in this tightly-held Grade A micro-market”, says Shaun Poh, executive director of C&W Capital Markets Group, who led the negotiations.
The pair of buildings at Tampines was part of a portfolio of three office assets owned by CDL. The other two assets were the office tower at Central Mall on Magazine Road, off Havelock Road; and Manulife Centre at the corner of Bras Basah Road and Bencoolen Street.
CDL and Alpha Investment Partners’ Alpha Asia Macro Trends Fund II had co-invested in the portfolio, valued at $1.1 billion, through a profit participation securities (PPS) deal in 2015.
In January 2019, Manulife Centre was sold to a joint venture between ARA Asset Management and British property group Chesterfield for $555.5 million or $2,305 psf based on NLA. The 11-storey commercial building has a total NLA of about 241,000 sq ft.

Follow Us
Follow our channels to receive property news updates 24/7 round the clock.
EdgeProp Telegram
EdgeProp Facebook
Subscribe to our newsletter

Our Site

Edgeprop.sg (previously known as The Edge Property Singapore) is the best property portal for real estate agents, investors, home-seekers and sellers alike in Singapore. On EdgeProp, you will be able to find the latest and hottest property news, property listings, and access tools for your research and analysis.

Whether you are looking to buy, sell or rent apartments, condominiums, executive condos, HDBs, landed houses, commercial properties or industrial properties, we bring you Singapore’s most comprehensive and up-to-date property news and thousands of listings to facilitate your property decisions. Click into any listing to check out the new AI Redesign tool to envision your property based on your preferred style, be it Scandinavian, Minimalist or many others.

View More