Income At Raffles quietly on market; S$3,300 psf guide price works out to about S$900m

Income At Raffles, a 999-year leasehold predominantly office property at 16 Collyer Quay, is being quietly marketed for sale via a closed expression of interest exercise, The Business Times understands.

The guide price is said to be S$3,300 per square foot (psf) based on the 37-storey property’s net lettable area (NLA) of about 276,450 sq ft — or an absolute price of about S$900 million.

This pricing level reflects a net yield of close to 2.5 per cent based on the current rental income from the building, which has occupancy of slightly over 90 per cent.