VisionCrest Commercial up for sale at over $470 mil
/ EdgeProp Singapore |
VisionCrest Commercial is part of the mixed-use development VisionCrest, which also includes the 265-unit VisionCrest Residence and the national monument, House of Tan Yeok Nee (Picture: Samuel Isaac Chua/The Edge Singapore)
SINGAPORE (EDGEPROP) - VisionCrest Commercial, a freehold Grade-A commercial building along Penang Road in the Orchard Road area, is up for sale via an expression of interest (EOI) exercise. The 11-storey office building with ancillary retail space has an indicative price “in excess of $470 million”, according to a press release by joint advisors CBRE and JLL.
Based on $470 million, the price works out to $3,157 psf on the building’s net lettable area (NLA) of 148,854 sq ft, or $3,038 psf on the strata area of 154,711 sq ft.
VisionCrest Commercial is part of the mixed-use development VisionCrest, which also includes the 265-unit VisionCrest Residence and the national monument, House of Tan Yeok Nee. Ownership of VisionCrest Commercial’s strata area is spread across 21 titles (10 strata office floors and 11 strata retail units) representing around 49% of VisionCrest’s share value.
Map of VisionCrest (Source: EdgeProp LandLens)
The building features column-free floorplates of approximately 14,500 sq ft and comes with 114 carpark lots. It underwent refurbishment in 2018 and again in 2020. Enhancements were focused on the property’s common areas, including improvements to the main office lobby, lift lobbies, lift cars, restrooms and air-conditioning systems on all floors, as well as the addition of a lobby cafe.
According to Michael Tay, head of capital markets, Singapore, at CBRE, VisionCrest Commercial is nearly fully-let. Tenants include Manulife Financial Advisors, Puma, IBC Asia, Afton Chemical, and the Singapore corporate headquarters for The Coffee Bean & Tea Leaf. (Find Singapore commercial properties with our commercial directory)
“This would be a tremendous opportunity for an investor to leverage the resilient Orchard office segment, where office rents have been traditionally more stable and less susceptible to market fluctuations due to its highly established base of demand,” Tay says. He adds that the future owner would have the option to sell down the strata units as a potential exit strategy.
Ting Lim, head of capital markets, Singapore, at JLL, believes the freehold tenure of VisionCrest Commercial, along with its “palatable investment quantum”, will appeal to a wide range of prospective investors of private wealth and institutional capital.
Recent commercial transactions within a 500m radius of VisionCrest (Source: EgdeProp LandLens)
The EOI exercise for VisionCrest Commercial will close on Aug 17 at 3pm.
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