Photo from Ascendas REIT

Ascendas REIT to acquire Philips APAC Center for $104.8m

More than two-thirds of the property’s gross floor area will be leased to Philipps.

Ascendas REIT has proposed to acquire Philips APAC Center at 622 Lorong 1 Toa Payoh for $104.8m. 

The purchase of the property will be funded through the REIT’s internal resources and/or existing debt facilities.

As of 30 June, the property is leased to four tenants and has an occupancy rate of 95.7% and a long WALE of 4.5 years.

After the acquisition, more than two-thirds of the property’s gross floor area (GFA) will be leased back to Philipps, a health technology company listed in Amsterdam and New York. It will serve as the company’s APAC headquarters with a focus on its healthcare and technology business.

Ascendas REIT said it also plans to attain a BCA Green Mark GoldPlus certification for the property after completion of its acquisition.

Follow the link for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!