Increase in office transactions in 2016; BlackRock testing buyer interest for Asia Square Tower 2

Increase in office transactions in 2016; BlackRock testing buyer interest for Asia Square Tower 2

2016 has seen an increase in volume of office sales. These include the purchase of 60 per cent of CapitaGreen by CapitaLand Commercial Trust, purchase of the Straits Trading Building by investment company MYP Ltd and the upcoming sale of prime government land in the Marina Bay financial district. The largest office sale in Singapore happened in June this year when BlackRock Inc., the largest global asset manager, sold Asia Square Tower 1 to a Qatari sovereign wealth fund for $3.4 billion. BlackRock is now testing buyer interest for its 46-storey Asia Square Tower 2, which has offices as well as a Westin Hotel. The 784,100 sqf building is valued at an estimated S$2 billion. According to Cushman & Wakefield, the tower has a 90 per cent occupancy rate as of October 2016.


Article originally sourced from iProperty Singapore

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