HSBC lease extension at 21 Collyer Quay keeps CCT at 'buy'

SINGAPORE (Sept 13): CapitaLand Commercial Trust has signed a one-year lease extension for the whole office building at 21 Collyer Quay with The Hongkong and Shanghai Banking Corporation (HSBC).

The total rent payable by HSBC for the extended term starting April 30, 2019, will be $27.7 million, or equivalent to $11.54 psf/month. This is 36% higher than the original rent of $20.4 million per annum.

The office building spans 200,000 sf with a leasehold estate expiring on Dec 18, 2849, and a valuation of $461 million as at June 30. The 21-storey building is located in the middle of Singapore’s central business district area.

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