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THE Central Provident Fund Board has initiated the sale of its building at 79 Robinson Road in a public tender.
This followed its signing of a long-term lease at Novena Square Towers A and B.
The relocation of CPF Board, from the fourth quarter, will free up prime office space in the Central Business District for higher-value uses. Its service centre at Robinson Road will continue to operate till further notice.
CBRE is the sole marketing agent for this public tender which closes on Oct 28.
The landmark tower is prominently located at the junction of Robinson Road and Maxwell Road, with an extremely wide frontage of 120 metres along Robinson Road. Completed in the 1970s, the building has been majority occupied by CPF Board for the past four decades.
The estimated differential premium (DP) payable to maximise the gross floor area (GFA) only is about S$75.5 million. The tenure of CPF Building is 99 years from 1968.