SINGAPORE--(BUSINESS WIRE)--Cushman & Wakefield (NYSE: CWK) has brokered the sale of Bugis Junction Towers at a sale price of $396 million (approx. S$547.5 million) to Village Prop Pte Ltd, a company incorporated in Singapore. The Capital Markets team at Cushman & Wakefield secured the buyer on behalf of Keppel REIT.
Bugis Junction Towers is a 15-story office building within the Bugis Junction integrated mixed-use development, comprising 12 levels of premium office space from the 4th to 15th stories and two food and beverage 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 square feet and has been recognized with the Building and Construction Authority Green Mark Platinum Award.
“The sale of Bugis Junction Towers will contribute to Singapore’s big-ticket investment acquisitions this year,” said Shaun Poh, Executive Director, Capital Markets, Cushman & Wakefield, who led the negotiations. “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.”
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.