MUNICH-BASED AM alpha, a privately-owned real estate family office, is buying Robinson 112, a 14-storey freehold office building in Singapore's central business district (CBD), for nearly S$269.7 million.

This works out to S$2,925 per square foot based on a net lettable area (NLA) of 92,205 sq ft. The existing gross floor area (GFA) of about 115,385 sq ft reflects a plot ratio of almost 11.8. This exceeds the 11.2 plot ratio assigned for the 9,794 sq ft commercial-zoned site under the Urban Redevelopment Authority's (URA) latest Master Plan 2019.

The price is said to reflect close to 2 per cent net yield based on Robinson 112's current rental income. The building's occupancy is in the high-80 per cent range and it has a mix of office tenants including Xiamen Airlines, and companies in shipping and private equity. There are 3 ground-floor retail units.