Perennial Real Estate-led group close to buying AXA Tower
Price said to be about S$1.18 billion, which works out to S$1,750 psf on existing net lettable area
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Kalpana Rashiwala
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Singapore
PERENNIAL Real Estate Holdings is said to be leading and syndicating a consortium that is close to inking a deal to buy AXA Tower - the 50-storey distinctive circular office building opposite Tanjong Pagar MRT Station - from BlackRock.
The price is about S$1.18 billion, translating to roughly S$1,750 per square foot (psf) based on the existing net lettable area (NLA) of nearly 675,000 sq ft. AXA Tower is on a site with a balance lease term of about 66.5 years.
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