SINGAPORE, 18 April 2019 – Cushman & Wakefield have brokered the sale of 7 & 9 Tampines Grande to Evia Real Estate and Metro Holdings Limited. The Capital Markets team at Cushman & Wakefield secured the buyer on behalf of Alpha Investment Partners and City Developments Limited. 7 & 9 Tampines Grande comprise a pair of eight-storey premium Grade A office towers linked by a double-volume entrance lobby with retail units on the ground floor. It is located in Tampines Regional Centre (TRC), Singapore’s first and most established regional centre.
The property has a net lettable area of 287,596 sq ft and balance lease of approximately 87 years. Its existing tenant roster include Hitachi Asia, BNP Paribas and AIA.
Shaun Poh, Executive Director, Capital Markets Group who led the negotiations, said “The Singapore commercial market, particularly the decentralised office micromarket, is at an inflection point and is poised to deliver strong growth over the next few years. The sale of 7 & 9 Tampines Grande demonstrates investor confidence in this tightly-held Grade A micromarket.”
TRC is the focus of commercial activity for the eastern region. It is a natural choice for companies, including many major banks and insurance companies that want to establish themselves in a suburban location with a comprehensive range of amenities and impressive infrastructure.
The Greenmark Platinum certified property is well connected via both private and public transport. The Tampines MRT Interchange Station that is part of both East-West line and Downtime line is within 5 minutes’ walk, with one of the station’s exits located opposite the Property. The Property is also easily accessible by several major expressways such as Tampines Expressway (TPE), East Coast Parkway (ECP) and Pan Island Expressway (PIE). Business executives who travel overseas frequently will also have the added convenience of its proximity to Changi International Airport. The proposed cross-island MRT line will potentially improve connectivity in the future.
For further information, please contact:
Executive Director, Capital Markets
Associate Director, Communications
+65 6317 8349/ 96916449
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.