Brokers' take
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Singapore Office Reits
DBS Group Research, June 7
Asia Square Tower 1 has reportedly been sold to Qatar Investment Authority (QIA) for a record price of S$3.4 billion. This implies a price of S$2,667.5 psf NLA for the tower which comprises close to 1.2 million sq ft of office space and 40,000 sq ft of retail area. Assuming an average rent of S$10-11 psf, this implies a net yield of 3.1-3.2 per cent.
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