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Hwa Hong Corp sells OneTen Paya Lebar data centre for $140 mil

By Nur Hikmah Md Ali

/ EdgeProp Singapore |

March 6, 2024 1:00 PM SGT

The buyer is Big Data Exchange (BDx), a data centre operator whose lease at the property expires in 2028 (Photo: Cushman & Wakefield, Savills Singapore)

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SINGAPORE (EDGEPROP) - Hwa Hong Corporation has sold its high-tech industrial building, OneTen Paya Lebar on Paya Lebar Road, for $140 million. Cushman & Wakefield and Savills Singapore jointly brokered the sale.

Reportedly, the buyer is Big Data Exchange (BDx), a data centre operator that relocated its global headquarters to OneTen Paya Lebar last year. BDx occupies the entire freehold building, spanning approximately 155,503 sq ft across eight floors. The company's current lease at the building will expire in 2028, with an option to renew it for another 5+5 years.

In an interview with EdgeProp Singapore last September, Ong said that the property had been put on the market with a guide price starting from $160 million ($1,209 psf) after undergoing an asset enhancement exercise in 2021. BDx upgraded the building that year and added an extra 8MW of IT capacity, enhancing its total power capacity to 14MW. This improved energy efficiency by 20%.

Read also: Hwa Hong to divest its largest Singapore asset, OneTen Paya Lebar, for $160 mil and reinvest abroad

OneTen Paya Lebar is Hwa Hong Corp’s biggest Singapore asset, which the firm has owned for over 35 years, says Ong Eng Yaw, group managing director of Hwa Hong Corp. The industrial building is zoned for “Business 1” use and has a gross plot ratio of 2.5.

Jeremy Lake, managing director of investment sales and capital markets at Savills Singapore, says the sale proves a high demand for top-notch data centre assets here. He notes that despite lifting the moratorium on new data centres, tight regulations ensure that only top-quality facilities are established in Singapore. This results in pent-up demand, with investors and operators vying to bolster their presence in the data infrastructure market.

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