Top three floors at 20 Collyer Quay transact for S$91.8 million
The floors span 29,160 square feet in the Grade A commercial building
[SINGAPORE] The top three floors at 20 Collyer Quay, a Grade A commercial building owned by GuocoLand , have been transacted for S$91.8 million or S$3,148 per square foot (psf).
A caveat was lodged for the strata units, which span 29,160 square feet in total, on Mar 10, URA Realis data showed.
GuocoLand acquired the 999-year leasehold 20 Collyer Quay, then called Tung Centre, in the late 1980s. The deal excluded interests in the leases of several office units that had been sold to third parties by the previous owner of the building, before it was sold to GuocoLand.
These included three floors on a 99-year lease, which have now been acquired by the company, and seven office units on a 50-year lease.
A spokesperson at the property developer told The Business Times that the latest transaction relates to the acquisition of the 99-year leasehold rights for the three units. “GuocoLand will take over the asset management of the units that we acquired.”
The group will hold 100 per cent effective interest in the 24-storey office block, which has a 999-year tenure, once it recognises reversionary interests in the units that were previously sold to third parties.
A NEWSLETTER FOR YOU
Tuesday, 12 pm
Property Insights
Get an exclusive analysis of real estate and property news in Singapore and beyond.
According to a previous Bloomberg report, the top three floors of the office development are owned by Awin Resource International, Amer International Group’s commodities trading subsidiary. Amer is the Chinese metals giant founded by copper tycoon Wang Wenyin, that is headquartered in Shenzhen.
The 24th-floor unit is also the registered address of Wen Way Investments. It is the Singapore-based real estate arm of Amer, according to Wen Way’s website.
Its managing director and co-founder is Hong Kong-born businessman Philip Chan. The 60-year-old naturalised Singaporean was served notice in February 2024 that authorities intend to designate him as a politically significant person under Singapore’s foreign interference law.
Chan oversaw Wen Way with executive director Liu Jiehong, Wang’s wife who is also a co-founder of Amer. BT understands that Chan is no longer managing director at the company.
Awin Resource and Wen Way Investments could not be reached for comment.
The building sits on a prime Raffles Place site of 2,273 square metres (sq m) with gross floor area of 23,248 sq m. Tenants include BNP Paribas and co-working operator The Work Boulevard.
Based on GuocoLand’s latest half-year results, 20 Collyer Quay’s occupancy rate stands at 96 per cent.
Data from URA Realis indicated that the median price of commercial transactions in District 1 is S$3,178 psf.
Copyright SPH Media. All rights reserved.
