Savills’ investment arm put up 77 Robinson Road for sale

By Feily Sofian / DTZ, The Edge Property | September 2, 2015 2:38 PM SGT
77 Robinson Road, a 35-storey office tower in the CBD, has been put up for sale via expression of interest. The seller is the former SEB Asset Management, which was acquired by Savills Investment Management earlier this year. Savills Investment Management was formerly known as Cordea Savills.
The property has a total net lettable area (NLA) of approximately 293,818 sq ft, including 6,018 sq ft of retail space on street level and 180 car park lots. It sits on a site with 99-year leasehold tenure from February 19, 1994, resulting in a balance lease of 77.5 years. Major tenants in the building include Adidas Singapore, Bunge Agribusiness, Dentsu Asia, DVB Bank, Tokio Marine Life Insurance and Walt Disney Studios Sony Pictures Releasing.
Market sources say the indicative price is in the region of $650 million or $2,200 psf of its NLA. Last year, Keppel Land and its fund management arm Alpha Investment Partners sold Equity Plaza on Cecil Street for $2,181 psf to Sam Goi-controlled GSH Corporation. Equity Plaza has 99-year leasehold tenure from December 7, 1989.
77 Robinson Road, formerly known as Singapore Airlines (SIA) Building, is no stranger to being on the market. SIA sold the property to CLSA Partner in June 2006 which in turn, flipped it to SEB in April 2007. The building was last put up for sale in 2011 with a guide price of $678 million or around $2,300 psf of its NLA.
DTZ has been appointed the sole marketing agent for the property. The expression of interest will close on October 15, 2015.
77 Robinson Road