CBRE Comments: Asia Square Tower 2 Sale
Jeremy Lake, Executive Director, Capital Markets, CBRE “The market has been eagerly awaiting the confirmation of this deal. It provides another pricing benchmark which reconfirms that the recovery in office rents and prices is well underway and in the last few months more and more local and overseas investors have been asking us about office investment opportunities in Singapore. One or two owners have been tracking this deal pending making a decision to sell their own building”.
CBRE was appointed as one of the joint agents for this transaction for the BlackRock-advised fund.
Desmond Sim, Head, CBRE Research, Singapore and South East Asia “The long-awaited completion of the transaction of Asia Square Tower 2 underlines the continual confidence of investors in the Singapore office market. While this will contribute to the total investment volume for 2017, let us not deny that the investment volume is also picking up on the residential front, largely from collective sales. These two sectors (office and residential) will be the main contributors for another stellar year in 2017.”