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78 Shenton Way being sold to PGIM Real Estate

It is understood to be paying headline price of nearly S$1,900 psf on NLA, but deal is complex

Kalpana Rashiwala

Published Thu, Nov 1, 2018 · 09:50 PM

Singapore property

Singapore

US-BASED PGIM Real Estate is understood to have entered into a deal to buy 78 Shenton Way from a fund managed by Alpha Investment Partners.

The headline price for the property, which comprises two office towers, is close to S$1,900 per square foot on net lettable area (NLA) of about 362,000 sq ft, The Business Times understands. This would translate to around S$680 million for the property, which is on a site with a balance lease term of about 64 years.