Archive for category: Misc

Residents can look forward to a host of recreational activities, including a 50m lap pool, BBQ pits, and a gym, among others. Moreover, the strategic location of Tengah Plantation EC offers convenience and accessibility to nearby shopping and dining options, as well as quick connections to the rest of Singapore. With a modern design aesthetic and thoughtfully crafted surrounding landscape, Tengah Plantation Close EC is perfect for those seeking a balance between convenience and quality living.

A joint venture of Singapore-listed Metro Holdings, private equity firm TE Capital Partners and US real estate investment management firm LaSalle Investment have acquired VisionCrest Commercial, a high-specification 11-storey office building with a retail podium, Grade-A office space and two levels of basement parking for nearly $450 million. This works out to roughly $3,000 psf of net lettable area of 148,854 sq ft.

Michael Tay, CBRE head of capital markets for Singapore, is said to have brokered the sale. Metro announced today that it has subscribed for a 40.9% stake in Vision One Enterprise Ltd, with TE Capital holding the balance 59.1% stake. TE Capital and LaSalle Investment have executed a put-and-call option agreement to acquire VisionCrest in prime Orchard Road.

Read also: Chinese tycoon’s Bright Ruby Resources buys Far East Shopping Centre en bloc for about $908 mil

Metro will own an effective 20% stake in the property for $40 million, with the remaining 29.9% owned by a fund of TE Capital and 50.1% by LaSalle Investment. VisionCrest is part of a mixed-use development that includes the national monument House of Tan Yeok Nee and the 265-unit VisionCrest Residence (Source: EdgeProp Landlens). The property is situated in the vicinity of several shopping malls and just a five-minute walk away from the Dhoby Ghaut MRT interchange station that serves three lines (North-South, North-East and Circle). The building also has a LEED Gold certification and is praised for its strong cash flow profile, with an occupancy rate of 99% which is backed by a diverse roster of tenants that includes Manulife Financial Advisers, Puma Sports SEA Trading and The Coffee Bean & Tea Leaf.

The purchase price is significantly higher than the $470 million Union Investment Real Estate, the previous owner of the building, had invited offers for during its launch in July 2023. The company had held the property for 16 years, making the purchase of the building from Singapore-listed property developer Wing Tai Holdings in 2007 worth $260 million.

Yip Hoong Mun, CEO of Metro Group, praised the new acquisition for its unique opportunity in the rare Orchard Road property market: “Good quality, freehold strata-titled offices with full floorplates are limited.”

Read also: Ong Beng Seng’s HPL wins go-ahead to redevelop Orchard Road properties

Make sure to check out the recent listings for Visioncrest properties to get a good deal for yourself.