Is divestment of office assets on the cards for Alpha-CDL tie-up in '18?

THE earlier-than-anticipated recovery in Singapore office rents last year helped to fuel investment interest in office properties on the island. The string of office investment deals in 2017 included Asia Square Tower 2 in Marina View, PwC Building in Cross Street and Chevron House in Raffles Place.

This flurry of activity has led some market observers to wonder if a portfolio of less high-profile office assets transacted a short while ago, might come onto the market this year.

What they are thinking about is Manulife Centre in Bras Basah Road, Central Mall (Office Tower) in Magazine Road and 7 & 9 Tampines Grande (comprising a pair of eight-storey office buildings).

Property group City Developments sold the trio in December 2015 for about S$1.1 billion to a joint venture between Alpha Investment Partners and the group under a "profit particip…