Bookmark & Share
A year after it was sold, Chevron House, a 33-storey commercial building next to Raffles Place MRT station is expected to be put up for sale again, according to a Business Times report.
The report added that Savills Singapore and CB Richard Ellis (CBRE) have been appointed to market the property.
Formerly known as Caltex House, Chevron House was acquired by Germany’s Deka Immobilien in September last year for S$547 million, or around S$2,083 psf, based on the property’s existing net lettable area (NLA) of 262,650 sq ft.
Currently, the property is 80 percent occupied and has a remaining leasehold period of 77 years. The report said that average monthly rents for the building range from S$12 psf to S$13 psf for retail space and S$7.50 psf for offices. Its 262,650 sq ft NLA comprises around 230,000 sq ft of offices and 32,000 sq ft of retail space, spread across five levels.
The report also said that Chevron House generates substantial income from its retail components, as well as from signage advertising and an outdoor promotion area on the ground floor, giving potential investors a higher income yield.
The Expression of Interest (EOI) for the property is expected to be launched next month, said the report.
Meanwhile, Jones Lang LaSalle (JLL) is marketing the 19-storey Commerce Point office building on Phillip Street. It is being sold through an EOI, which will close on 28 September. The report said that Aviva, which bought the property for S$181 million (S$2,200 psf) in June 2008, has set an asking price of between S$2,500 psf and S$2,600 psf.
To contact the journalist, you may send your message to editor@propertyguru.com.sg