The six-storey building comprises laboratory, research and development, warehouse and ancillary office space over a gross floor area of 37,975 square metres. It serves as the Dutch conglomerate’s Asean Pacific headquarters.
Ascendas REIT plans to acquire the Philips APAC Center for $104.8 million from Philips Electronics Singapore, which will leaseback the property and remain as the anchor tenant.
The independent market valuation of the property as of May 31 2022 is $111.5 million.
