Cushman & Wakefield has brokered the sale of Bugis Junction Towers at a sale price of S$547.5 million (approx. USD396 million) to a fund managed by Angelo Gordon. The Capital Markets team at Cushman & Wakefield secured the buyer on behalf of Keppel REIT.
Bugis Junction Towers is a 15-storey office building within the Bugis Junction integrated mixed-use development, comprising of 12 levels of premium office space from the 4th to 15th storeys and two F&B units on the ground floor.
The property has traditionally enjoyed a near full occupancy and counts leading corporations like Enterprise Singapore, InterContinental Hotels Group (IHG) and UCommune as its existing tenants. It has a net lettable area of 248,853 sq ft and has been recognised with the Building and Construction Authority Green Mark Platinum Award.
Shaun Poh, Executive Director, Capital Markets, Cushman & Wakefield who led the negotiations, said “The sale of Bugis Junction Towers will contribute to Singapore’s big ticket investment acquisitions this year. The muted office supply situation over the next three years and projected rental growth during that period have emboldened investors to actively seek out office assets now in the run up to the peak of the CBD supply shortage, which is expected to be around 2021-2022.”