Asia Green in Tampines up for sale at indicative price of S$470m

by Albert02

Asia Green in Tampines up for sale at indicative price of S$470m

Asia Green in Tampines up for sale at indicative price of S$470m.  ASIA Green, a premium Grade A commercial development located at 7 and 9 Tampines Grande, has been listed for sale via expression of interest (EOI) at an indicative price of S$470 million, or S$1,645 per square foot based on total net lettable area.

According to a joint marketing statement issued by Cushman & Wakefield and JLL Singapore on Friday, the property consists of two blocks of eight-story office towers linked by a double-volume entrance lobby, with retail and food and beverage units on the ground floor (May 20).

Asia Green, which sits on an 86,110 square foot (sq ft) lot with a total net lettable area of 285,559 sq ft, also has an existing strata subdivision approval with 23 separate strata titles and a total strata area of 319,249 sq ft, giving the buyer the option of holding the property as a whole or selling individual strata floors.

The 99-year leasehold development was purchased for S$395 million in April 2019 by privately held Evia Real Estate Management and listed Metro Holdings.

Asia Green is the only Grade A office building in the Eastern Region, and likely one of only three premium Grade A suburban office buildings in Singapore, according to Shaun Poh, executive director of capital markets at Cushman & Wakefield. He describes it as “future-proofed,” with a strong emphasis on sustainable green building features, as evidenced by its Green Mark Platinum status.

“This sale provides investors with a rare opportunity to acquire a core Grade A suburban commercial asset with immediate income yield from a roster of high-profile tenants, including Hitachi Asia, NCR Asia Pacific, Aldwych International, BNP Paribas Wealth Management, and Sysmex Asia Pacific,” said Heather Liew, senior director at JLL.

The property, which recently completed an asset enhancement initiative to the main lobby areas, is well-connected via both private and public transportation, according to the agents, with the Tampines MRT Interchange Station a short walk away and connecting commuters to both the East-West and Downtown lines. Another project near an MRT station is Lentor Modern.

The Asia Green Expression of Interest period will end on June 28 at 3 p.m.

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