Is Sydney the new London for investing in commercial property? Some Singapore companies seem to think so 

AFTER a period which saw write-downs on Australian property by Singapore players, Down Under has seen a renewed spurt of interest in the commercial real estate market this year.  

Just this month, Metro and its joint venture partner Sim Lian acquired a freehold prime office property located at 1 Castlereagh Street. The price tag – A$196.4 million (S$172.7 million) for the 27-storey office building. It has retail on its ground levels and is located next to the newly opened Martin Place railway station which is in the heart of Sydney’s central business district (CBD). 

Also making their move this month were property developers Singapore Land and UOL, who are acquiring a 50 per cent interest in a Grade A commercial building in the CBD too, for A$460 million. The address of that building is 388 George Street.