The property was part of a second round of Profit Participation Securities (PPS2) issued by CDL in a joint venture with a fund managed by AIP — a unit of Keppel Corp — in December 2015. The other buildings in PPS2 were Central Mall (Office Tower) and Manulife Centre.
SINGAPORE (Apr 29): On April 19, EdgeProp reported that two adjoining eight-storey Grade-A office buildings at 7 and 9 Tampines Grande were sold to a joint venture between Evia Real Estate and Metro Holdings for $395 million. The purchase price translates into $1,373.45 psf, based on net lettable area (NLA). The buildings have a remainder lease of 87 years, and tenants include AIA, Hitachi Asia and BNP Paribas.
The deal was brokered on behalf of the sellers — a fund under Alpha Investment Partners (AIP) known as the Alpha Asia Macro Trends Fund II and Singapore-listed property group City Developments (CDL) — by Cushman & Wakefield.
