Vietnam, 21 September 2017 – Singapore real estate company, CapitaLand Commercial Trust, has agreed to buy Asia Square Tower 2, part of a world-class commercial development in Singapore’s Marina Bay business and financial district. Real estate consultancy JLL advised on the transaction on behalf of the seller, BlackRock Asia Property Fund III.
The sale represents the largest office transaction in both Singapore and the Asia Pacific region in 2017 and is the second largest office transaction globally this year.
“The sale of Asia Square Tower 2 continues the trend of buyers being attracted to mega deals in Asia. The sales process generated strong interest from major global investors and sends a clear message about the continued recovery of the Singapore office market,” says Stuart Crow, Head of Asia Pacific Capital Markets, JLL.
“With its sought-after location and first class amenities, Asia Square is one of the finest commercial real estate assets in Singapore and, more broadly, in Asia. Buildings of this quality and prominence are hard to come by, but we expect to see increased interest in Grade A office assets in Singapore off the back of this deal.”
According to Greg Hyland, Head of Capital Markets, Singapore, JLL: “The Singapore office market is really starting to gain pace and this deal is likely to spur further interest, both domestically and internationally. Investors will be aware that we are at a point in the cycle where there is still the opportunity to get good value, but we expect prices to pick up in the coming quarters as supply starts to taper down between now and the end of 2019.”
For more information, click http://www.joneslanglasalle.com.vn/vietnam/en-gb/news/379/capitaland-agrees-to-buy-asia-square-tower-2
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