[Singapore Property] ONE FINLAYSON GREEN SELLS FOR S$227M

[Jason]

One Finlayson Green, a freehold commercial building, has been sold to Kerisvale Pte Ltd for S$227 million.

Jones Lang LaSalle (JLL), which brokered the deal on behalf of a fund managed by Lucrum Capital, said Kerisvale consists of a group of private investors and the sale price was the highest per square foot achieved this year at about S$2,520, or S$2360 per square foot on the strata area.

The building, comprising a 19-storey office tower with a total net lettable area of about 89,950 square feet, is located at the junction of Raffles Place and the New Downtown.

The retail unit on the first and second floors is currently occupied by AIA.

JLL said the building has obtained in-principle strata-title approval from the relevant authorities and each unit is about 6,437 square feet.

“With the rising office rental market and the limited availability of freehold office buildings in core Raffles Place, the interests in One Finlayson Green was very strong when it was put up for Expression of Interests late last year,” said Stella Hoh, national director and head of investments at Jones Lang LaSalle.

She added: “The property attracted good interest from both strata-titled and enbloc buyers. After much negotiation between the buyer and seller, the deal was finally sealed. The buyer intends to keep the building for long-term investments.”

One Finlayson Green is the third commercial deal brokered by Jones Lang LaSalle this year, following the Singapore Technologies Building in Tanjong Pagar and PoMo in Selegie.

Source : Channel NewsAsia – 22 Mar 2011

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Posted By Jason to Singapore Property at 3/23/2011 11:40:00 AM