The acquisition of the 13-storey office tower within the Tanjong Pagar area is poised to be the latest in a string of big-ticket transactions in Singapore after a pair of office properties were transacted last week for a combined amount of $2.2 billion.

Hong Kong-based fund manager Arch Capital Management is acquiring Anson House for $210 million from a fund that is being managed by Savills Investment Management, reported Mingtiandi citing sources.

Acting on behalf of a German fund, Arch is set to sign the sale and purchase agreement this week, with the deal expected to be completed within the next ten days.

The acquisition of the 13-storey office tower within the Tanjong Pagar area is poised to be the latest in a string of big-ticket transactions in Singapore after a pair of office properties were transacted last week for a combined amount of $2.2 billion.

At $210 million, the sale price works out to $2,400 per sq ft (psf).

The 1998-vintage office block has a net leasable area of 86,200 sq ft across ten storeys of office space as well as a ground floor retail and two floors of parking.

Nestled on a 17,035 sq ft commercial site, Anson House has a gross plot ratio of 5.6 and 77 years left on its 99-year lease. It is located at Anson Road and Bernam Street, near the Tanjong Pagar metro station.

The building has an occupancy rate of almost 80 percent, with average monthly rent at about $7.50 psf. Key tenants include steel and mining multinational ArcelorMittal, electronics manufacturer Sanyo and US conglomerate United Technologies.

Source: 6 Aug 2019, CommercialGuru