Stamford Court is a four-storey commercial building with a clock tower located at the junction of Stamford Road and Hill Street (Photo: Cushman & Wakefield)
Singapore Land Group announced on August 12 that it has sold its commercial building, Stamford Court, for $132 million. The deal involved selling its 100% interest or 13 million shares in its wholly-owned subsidiary, UIC Land, which holds the asset.
The buyer is Spark61, a joint venture between Elevate Capital, founded by Singaporean real estate investor Ashish Manchharam, and a capital partner. Manchharam was the former founder and CEO of 8M Real Estate, which invested in conservation shophouses in Singapore. Spark61 has already paid a $6.6 million deposit upon signing the sale and purchase agreement.
Cushman & Wakefield (C&W) brokered the deal after conducting an expression of interest exercise.
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Stamford Court is located at the junction of Stamford Road and Hill Street and directly opposite Singapore Management University. It is a four-storey commercial building with a clock tower built 28 years ago. The upper floors are currently for office space, while the basement is a carpark.
The building has a total net lettable area (NLA) of 62,900 sq ft and a 99-year lease from 1994. Hence, the property has 69 years left on its lease. Based on NLA, the $132 million transacted price works out to $2,099 psf.
According to Shaun Poh, C&W executive director of capital markets, Stamford Court is in a prime location within the Civic district, close to City Hall MRT Interchange and the Bras Basah MRT Station. The property is close to amenities like shopping, entertainment, and cultural attractions.
"The transaction demonstrates investors' ongoing confidence in Singapore's commercial real estate market," says Poh.