Two Office Floors Visioncrest Orchard Sale 1199 Mil
Singapore’s real estate investment managers TE Capital Partners and LaSalle Investment Management have launched office units at VisionCrest Orchard, a freehold strata commercial development located at 103 Penang Road in the prestigious Orchard Road area. The joint venture (JV) partners announced the sale of two full office floors, with a total guide price of $119.9 million. This is part of the launch of the development.
The sixth floor, which covers 14,725 sq ft, has a guide price of roughly $58.6 million, or $3,980 per square foot (psf). This is a 37% increase from the original purchase price for the floor. Based on the caveats lodged when the JV partners acquired the property in November 2020, the sixth floor was originally purchased for $42.79 million, or $2,906 psf.
The ninth floor, which covers 14,844 sq ft, is also up for sale at $61.3 million, or $4,130 psf. This is a 39.9% increase from the original purchase price of $43.82 million, or $2,952 psf, in November 2020.
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According to a brochure by international property consultancy JLL, which is marketing the sixth and ninth-floor office space, both floors were last renovated in 2018 to upgrade the lobbies, lift cars and washrooms. The office air-conditioning was also replaced in 2020.
Located at 103 Penang Road, the VisionCrest building (Photo: EdgeProp’s LandLens)
In a press release, TEC and LaSalle stated that more units at Visioncrest Orchard, including a 14,725 sq ft office space and 1,388 sq ft of retail space, are currently undergoing due diligence following VIP previews held in June.
Completed in 2008, VisionCrest Orchard is a freehold commercial strata development. Its upper floors feature Grade-A office spaces, which are LEED Gold certified, the highest global standard for green buildings. The ground floor houses a retail podium, complemented by two levels of basement parking that can accommodate up to 135 cars. The office spans 149,652 sq ft, while the retail space covers 5,059 sq ft, spread across 11 storeys.
The development is part of a mixed-use development that includes the national monument House of Tan Yeok Nee, which currently houses the private university Amity Global Institute and the 265-unit VisionCrest Residence. The project is situated a five-minute walk from the Dhoby Ghaut MRT Interchange Station on the Circle, North-South, and North-East Lines, and is a few minutes’ drive from the Central and Pan Island Expressways. It is also close to various popular malls, such as Plaza Singapura on 68 Orchard Road and 313@Somerset on 313 Orchard Road, and the CBD.
In November last year, TEC and LaSalle acquired VisionCrest Orchard from German fund manager Union Investment Real Estate for about $450 million. This was 4.26% lower than the asking price of $470 million when the development was launched for sale in July 2020.
The development is managed by TE Capital and backed by Singapore-listed Metro Holdings as a capital partner. Metro owns a 20% stake in the property, while the remaining 29.9% and 50.1% are owned by TEC and LaSalle respectively.
The sales launch follows the JV partners’ asset enhancement program at VisionCrest to improve the property’s green credentials and upgrade its specifications. This includes updating the building’s facade and public areas, as well as introducing new sustainability features. The enhancement works are expected to be completed in 2025.
The JV partners have appointed real estate management firms CBRE, ERA, JLL, Knight Frank, PropNex, and Savills as marketing agents for VisionCrest Orchard.