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Consortium led by Perennial Real Estate Holdings buys AXA Tower for S$1.17 Billion

Posted by Property Launch Invest on Sunday, 01 February 2015 in Property News

The 50-storey office tower with some retail space has a total net rental area of about 674,000sq-ft. This translates the acquisition price to about S$1,735sq-ft.

PERENNIAL Real Estate Holdings Limited (PREH) has syndicated a consortium of investors to acquire AXA Tower at a property purchase price of S$1.17 billion, translating to S$1,735 per square foot (psf).

PREH, together with Singapore business tycoon Kuok Khoon Hong who is a shareholder of PREH, will hold a total equity interest of 41.3 per cent in AXA Tower. PREH's 31.2 per cent equity investment amounts to about S$117.9 million.

AXA Tower, a 50-storey prime landmark office development with some retail space, located within the Central Business District near Tanjong Pagar MRT station, it has a net lettable area of about 674,000 sqft and total Gross Floor Area (GFA) of about 1.03 million sq ft. The building currently has an unutilised plot ratio that translates to an additional GFA of over 212,000 sq ft and enjoys three major frontages along Shenton Way, Anson Road and Maxwell Road.

AXA Tower has unutilised plot ratio that translates to an additional GFA of over 212,000 sq ft. The property is also allowed to house medical suites amounting to no more than 32,000 sq ft.

In a statement on Friday (Jan 30), PREH said that it will invest about S$117.9 million for a 31.2 per cent equity stake in the building. Another investor, HPRY1 Holdings, a shareholder of PREH, will hold a 10.1 per cent interest in the tower.

The consortium comprising PREH, Mr Kuok and some other investors will explore the most efficient asset plan to utilise the additional GFA and permissible medical suite usage to maximise the value of the asset.

The strata-sale of the office space at the property will also be explored, PREH said on Friday.

Property Launch Invest

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PROPERTY LAUNCHES & INVESTMENTS

Property Launches & Investments

Consortium led by Perennial Real Estate Holdings buys AXA Tower for S$1.17 Billion

The 50-storey office tower with some retail space has a total net rental area of about 674,000sq-ft. This translates the acquisition price to about S$1,735sq-ft.

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