Allgreen Properties, Kuok Singapore complete purchase of 78 Shenton Way
The new owners are not expected to redevelop the asset in the near term; they will hold it as landbank
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[SINGAPORE] Allgreen Properties and Kuok (Singapore) – both part of Malaysian billionaire Robert Kuok’s Kuok Group – completed the purchase of 78 Shenton Way last month.
The Business Times could not ascertain the price but market watchers estimate it to be in the range of S$600 million to $630 million. A price of S$630 million would translate to about S$1,730 per square foot (psf) on the existing net lettable area of 364,030 square feet (sq ft).
Word on the street is that 78 Shenton Way’s new owners do not have immediate plans to redevelop the property, which has significant redevelopment potential under the Urban Redevelopment Authority’s (URA) Central Business District (CBD) Incentive Scheme.
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