Asia Green in Tampines up for sale at indicative price of S$470m

Corinne Kerk

Published Fri, May 20, 2022 · 02:09 PM

ASIA Green, a premium Grade A commercial development located at 7 and 9 Tampines Grande has been put on the market via an expression of interest (EOI) exercise at an indicative price of S$470 million or S$1,645 per square foot based on its total net lettable area.

Built in 2009, the property comprises 2 blocks of 8-storey office towers linked by a double-volume entrance lobby with retail and food and beverage units on the ground floor, said its joint marketing agents, Cushman & Wakefield and JLL Singapore in a statement on Friday (May 20).

Sitting on an 86,110 square foot (sq ft) site with a total net lettable area of 285,559 sq ft, Asia Green also has an existing strata subdivision approval with 23 separate strata titles and a total strata area of 319,249 sq ft, providing the buyer with the option of holding the property as a whole or for sale as individual strata floors.

The 99-year-leasehold development was acquired by privately-held Evia Real Estate Management and listed Metro Holdings in April 2019 for S$395 million. Shaun Poh, Cushman & Wakefield’s executive director of capital markets, said Asia Green is the only Grade A office building in the Eastern Region and probably 1 of only 3 premium Grade A suburban office buildings in Singapore. It is also “future-proofed” with a strong focus on sustainable green building features as reflected in its Green Mark Platinum status, he noted.

Heather Liew, JLL’s senior director, added: “This sale presents investors with rare access to a core Grade A suburban commercial asset with immediate income yield from a roster of high-profile tenants, including Hitachi Asia, NCR Asia Pacific, Aldwych International, BNP Paribas Wealth Management and Sysmex Asia Pacific.”

The agents said the property, which recently completed an asset enhancement initiative to the main lobby areas, is well-connected via both private and public transport, with the Tampines MRT Interchange Station within a short walk and linking commuters to both East-West and Downtown lines.