Sun Venture in exclusive due diligence to buy Bugis Junction Towers; office deals gather steam

Kajima buys ageing office asset in Peck Seah Street ripe for redevelopment. Buying fervour spreads to industrial segment, with LaSalle Investment Management acquiring ramp-up facility in Aljunied

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Kalpana Rashiwala

Published Wed, Jun 29, 2022 · 05:50 AM

As part of a recently completed S$10 million refurbishment of Bugis Junction Towers, the lower facade of the property was revamped to create a sculpted silhouette of a fluted sail - inspired by the maritime trading history of the area. BT READER
Kajima Corporation is buying the 9-storey Nehsons Building along Peck Seah Street from a Singapore-incorporated vehicle controlled by an Ng family from Malaysia, which developed the property on a 99-year leasehold site bought from the government in 1970. GOOGLE MAPS
Fragrance Group is selling Victory Centre, at the corner of Sims Drive and Aljunied Road, to an entity linked to LaSalle Investment Management. The 7-storey property is on a site with about 50 years left on its lease. GOOGLE MAPS

THE Singapore commercial property market continues to buzz. One of the latest deals is that for Bugis Junction Towers, where Sun Venture Group is said to be doing exclusive due diligence with a view to buy the 15-storey office block for between S$675 million and S$680 million.

Over in Peck Seah Street, Kajima is paying S$111.1 million for Nehsons Building, an almost 50-year-old office building, which when redeveloped, will add to the area’s gentrification.

The buzz is also extending to the industrial property segment. An entity linked to LaSalle Investment Management is understood to be acquiring Victory Centre, a 7-storey ramp-up facility near the Aljunied MRT station, for S$90 million.

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