77 Robinson Road in CBD up for sale

Sources say the building could fetch $750 million.

Colliers International has been appointed by SEB Investment GmbH to put up for sale – by Expression of Interest – 77 Robinson Road, a 35-storey commercial building located in the Central Business District (CBD) in Singapore.

77 Robinson Road sits on a 32,435 sq ft site which holds a 99 year leasehold tenure w.e.f. 18 February 1994. Under the 2008 Master Plan, the subject site is zoned for “Commercial” use, with an allowable plot ratio of 11.2+.

The office building has a total gross floor area of 380,999 sq ft and a net lettable area of 294,895 sq ft. It is currently 92 per cent leased to multinational corporation tenants including Adidas, Dentsu, Rabobank Group and Royal & Sun Alliance Insurance, among others.

Ms Tang Wei Leng, Executive Director for Investment Services at Colliers International, says, “Given that there are only a few investment-grade office buildings available for sale in the market, 77 Robinson Road provides investors with the rare opportunity to acquire a sophisticated commercial building located in the heart of Singapore’s CBD.”

“With Grade A office rents currently 45.7 per cent below the previous peak in 1Q 2008, it is predicted that rents for the whole of 2011 will continue to enjoy an expansionary mode, supporting a 15-20 per cent growth,” she adds.

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