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Tide has turned for office market, say analysts

Commercial rental recovery and shrinking pipeline spur bullishness among developers – Annabeth Leow (The Straits Times, Tues Oct 3, 2017)

The bumper $1.622 billion bid for a Beach Road site last week has sparked renewed interest in a commercial property market already bubbling away after the $2.09 billion Asia Square Tower 2 sale.

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Beach Road Commercial site nets top bid of $1.62b

GuocoLand units’ offer was one of five above trigger price, a sign of developers’ confidence – Annabeth Leow (The Straits Times, Fri Sep 29, 2017)

Developers are ready to pay big bucks for a prime Beach Road Commercial site, with the top offer coming in at a bumper $1.622 billion, it was announced yesterday.

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$2.09b sale of Asia Sq Tower 2 is year’s biggest deal

CapitaLand Commercial Trust’s purchase of Marina Bay building seen as sign of recovery in office market – Annabeth Leow (The Straits Times Sept 22, 2017)

CapitaLand Commercial Trust has scooped this year’s biggest office real estate transaction by sale price after it announced a deal yesterday for Marina Bay’s prime Asia Square Tower 2.

It will fork out $2.09 billion to take the 46-floor office block off the hands of private equity giant BlackRock, in a deal that signals the recovery of Singapore’s commercial property market, industry watchers said.

The sale will yield $2,689 per sq ft (psf) for the building, which is 10 years into its 99-year lease.

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