Thursday, December 07, 2006
[RealEdge] BT : GE Real Estate buys Anson House for $75m
| Published December 7, 2006  | |||
| GE Real Estate buys Anson House for $75m Acquisition marks its maiden investment in S'pore property
By KALPANA RASHIWALA
GE Real Estate has made its maiden investment in the Singapore property market, with its acquisition of Anson House for $75 million or $1,040 psf of existing net lettable area, BT understands.
GE Real Estate South-east Asia managing director Roger Keane declined to confirm the deal, but said the group is interested in investing in the Singapore real estate market, 'principally in the office sector, although we're also looking for opportunities in retail, industrial and maybe even hotels'. The group has been in Japan and Australia for the past 10 years. 'We hold assets for a reasonable period of time until we've finished creating value. On average, the holding period is three to five years,' Mr Keane said in a telephone interview. Anson House is being sold by a company owned by former Singapore Land chairman SP Tao and his Indonesian partner, Mackmoor Pte Ltd. The deal was sewn up by Savills Singapore, which declined to comment. The tender for the 13-storey office block at the corner of Anson Road and Bernam Street closed on Oct 5. GE Real Estate is said to have been the highest bidder. The $1,040 psf price fetched for Anson House is 10.7 per cent lower than the $1,165 psf achieved in June for SIA Building, which is in a more prime location at Robinson Road. SIA Building is on a site with a remaining lease of 87 years, while Anson House, completed eight years ago, is on a site with an outstanding lease of about 90 years. The building has a current net lettable area (NLA) of 72,122 sq ft although Savills had earlier said that there is potential for this to be increased to 75,227 sq ft, assuming one tenant per floor as this would allow some of the common areas to be converted to lettable space. Anson House has a gross floor area of 96,734 sq ft. Besides offices, it has ground floor retail space and 103 car parking lots. | |||
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