Sun Venture granted exclusive due diligence for 71 Robinson Rd

Singapore

A SALE is in the works for 71 Robinson Road.

The Business Times understands that property investment group Sun Venture has been granted exclusive due diligence with a view to buy the 15-storey office block. The pricing is slightly under S$2,800 per square foot of net lettable area (NLA), which would translate to an absolute price in the region of S$660 million.

The pricing would reflect a net yield of about 3.5 per cent based on income from the existing leases. Currently running at full house with an average monthly passing rent in the low-S$10 psf range, 71 Robinson Road's tenants include CommerzBank, Visa, Ogilvy and WeWork.

The building, with 237,644 sq ft NLA, is on a site at the corner of Robinson Road and McCallum Street; the site has nearly 74 years' balance lease. Completed 11 years ago,…