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Ascendas clinches CPF Building for S$550m

It plans to redevelop site into new office project with supporting retail; PCRD & Lippo-SingHaiyi consortium were the other 2 bidders

Kalpana Rashiwala

Published Thu, Nov 26, 2015 · 09:50 PM

Singapore property

Singapore

ASCENDAS, which won the tender for the CPF Building at 79 Robinson Road, with its top bid of S$550 million, plans to redevelop the property into a Grade A CBD office project with supporting retail elements, the company said.

The tender, which closed on Oct 28, drew three bids. The results were announced by the Central Provident Fund Board on Thursday.

The win marks Ascendas' maiden Singapore office acquisition.

Manohar Khiatani, president & group CEO of Ascendas and deputy group CEO of Ascendas-Singbridge, said: "This latest acquisition builds on our regional office portfolio, which already includes assets in Shanghai (Ascendas Plaza) and Seoul (Citibank Centre, Anam Tower, Signature Towers Seoul and West Finance Centre). Upon redevelopment of the CPF Building, Ascendas would be able to offer quality CBD office …