Bookmark & Share
Singapore business space developer Ascendas-Singbridge announced Tuesday (4 October) that it has entered into a joint venture (JV) with consortium Mitsui – Tatemono JV to redevelop the former CPF Building (pictured) at 79 Robinson Road.
This follows almost a year later after Ascendas-Singbridge had won the tender for the sale of 79 Robinson Road by the Central Provident Fund Board (CPF Board) in November 2015 with a bid price of S$550 million.
The JV will redevelop the 47,050 sq ft site into a Grade-A office building which will offer 500,000 sq ft of prime office space as well as retail amenities for a total development cost of S$1 billion.
Ascendas-Singbridge and the consortium between Mitsui and Tokyo Tatemono will hold 65 percent and 35 percent stakes the joint venture company Southernwood Property, respectively. Under the partnership, Ascendas-Singbridge and the Mitsui – Tatemono JV will own, develop and manage the project.
According to the JV, the existing building will be decommissioned and development works will begin in the second quarter of 2017. Construction is expected to be completed by 2020.
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg
Related Articles:
ARA bags deal to acquire stake in Capital Square: report
Singapore prime office rents to see further, steeper declines