Central Boulevard site poised for a 6% CAGR through 2021

It could command a rent comparable to 2009 level.

The tender for a white site at Central Boulevard has closed with 7 bids received. The highest bid was submitted by IOI Properties (via Wealthy Link Pte. Ltd.) at S$2,568.69m (S$1,689 psf ppr).

This is the highest price paid for a white site and above earlier market expectations of c.S$1.5bn-1.8bn (S$1,012-1,200 psf ppr). The previous record was S$1,409 psf ppr set for Asia Square Tower 1 in Sep 2007.

At this price, CIMB reckons the cost to completion would be c.S$3,100-3,200psf of leaseable area. Based on an expected rental yield of 4%, the development, it said, would likely have to command a rent of S$12psf/mth or back to the 2009 level. This represents a CAGR of 6% p.a. for the next five years.

According to CIMB, the 10,868.7sqm (116,991sqft) site, adjacent to Asia Square Tower 1, can be built up to 50-storeys, and house up to 141,294 sqm (1,520,889 sqft) GFA. At least 100,000sqm (1,076,400 sqft) GFA or 70.77% must be allocated for office use. In addition, up to 5,000 sqm GFA must be set aside for retail use.

The development, it added, must also include a childcare facility with at least 500 sqm GFA. The balance can be used for office, commercial school, hotel, serviced apartment or residential uses

The people you want to reach are already in this room.

Every quarter, SBR lands on the desks of the founders, CFOs, and directors running Asia's most consequential companies. Every day, they open our newsletter and read our website. It's a room that took twenty years to build — and it's the one most of our partners are trying to get into.

The good news is that the door is open. We work with companies on thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. The shape of the right partnership depends on what you're trying to do, which is why we'd rather start with a conversation than send a rate card.

If you have something this room should know about, tell us. We'll tell you honestly whether we can help, and how.

No rate cards until we understand the brief. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia