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Oxley Holdings plans to carry out an asset enhancement initiative to increase the net lettable area (NLA) of Chevron House by at least 20 percent now that the building is fully-owned by the company, revealed an SGX filing on Thursday (29 Mar).
The iconic 32-storey building at 30 Raffles Place houses a five-storey retail podium and 27 levels of office space, which are 99 percent and 97 percent occupied as of 1 March. The property also has a land area of 2,777.9 sq m and an existing NLA of 24,273 sq m.
Oxley previously inked a sale and purchase agreement in December to acquire the building for $660 million from a unit of Germany’s DekaBank Group, with the amount now paid in full.
“We are glad to officially add Chevron House, a commercial building with prime location in Singapore’s financial centre, to our investment portfolio,” said Oxley’s executive chairman and CEO Ching Chiat Kwong.
The company is confident that upgrading works will bring more value to Chevron House and its tenants given the uptrend of prime office rents here over the past few quarters.
Last February, property consultancy Savills said average rents of Grade A office space in Singapore’s central business district could rise by 10 percent per annum from 2018 to 2019 under its base case scenario.
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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