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Toronto-based Manulife Real Estate has purchased a 28-storey Grade A office tower at 8 Cross Street (pictured) in Singapore for US$526 million (S$740.08 million), its second largest property transaction in the world.
“8 Cross Street is our first real estate acquisition in Singapore. It is a reflection of our expanding commitments in Singapore, where Manulife has maintained operations for 36 years,” said Kevin Adolphe, President and CEO of Manulife Real Estate.
Situated within Raffles Place in the Central Business District (CBD), the 355,000 sq ft office building will house Manulife’s operations in Singapore, which represents its third biggest market in Asia. Moreover, the property is located close to public transportation and a range of amenities.
“This purchase is an exciting move that reflects our strong success in Singapore and shows Manulife’s commitment to business in the area, an important financial hub in Asia,” said Naveed Irshad, CEO of Manulife Singapore.
“Having our own Manulife building in a prominent location in the CBD will help us further strengthen the Manulife brand and provide greater visibility to our consumers,” he noted.
As of 31 December 2016, Manulife’s real estate arm had a property investment portfolio spanning more than 62 million sq ft across Asia, Canada and the US with a combined value of US$15.6 billion.
Image source: Manulife
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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