CapitaLand Integrated Commercial Trust sells 21 Collyer Quay for $688 mil

/ EdgeProp Singapore |
In a Nov 12 filing to the Singapore Exchange, CICT's manager says the building was sold to an unrelated third party (Picture: Samuel Isaac Chua/The Edge Singapore)
CapitaLand Integrated Commercial Trust (CICT) has completed the divestment of 21 Collyer Quay, an office building in Raffles Place, for $688 million. In a filing to the Singapore Exchange on Nov 12, CICT’s manager says the 999-year leasehold building was sold to an unrelated third party. Based on the building’s net lettable area of about 213,000 sq ft, the price works out to $3,230 psf.
The sale price was arrived on a willing-buyer-willing-seller basis, in line with an independent valuation of the property conducted by Savills. Based on the consideration and the building’s annualised net property income for the period ended Sept 30, 2024, CICT’s exit yield is below 3.5%. Net proceeds from the divestment are anticipated to be around $681.7 million.
21 Collyer Quay is a 21-storey building located in the CBD. It is currently entirely occupied by co-working operator WeWork, who took over the lease of the former HSBC building in 2021 after the banking firm moved its headquarters to Marina Bay Financial Centre Tower 2. Following a design and fit-out of the space, WeWork officially opened its flagship location at the building in September 2022.
Advertisement
Advertisement
After WeWork filed for bankruptcy in the US in November 2023, the company announced in April this year that it had concluded a series of lease negotiations with its Singapore office landlords and that it plans to remain in its current buildings in the city-state for the foreseeable future. CICT’s website notes that WeWork Singapore has a seven-year lease for 21 Collyer Quay until 2028.

Follow Us
Follow our channels to receive property news updates 24/7 round the clock.
EdgeProp Telegram
EdgeProp Facebook
Subscribe to our newsletter

Our Site

Edgeprop.sg (previously known as The Edge Property Singapore) is the best property portal for real estate agents, investors, home-seekers and sellers alike in Singapore. On EdgeProp, you will be able to find the latest and hottest property news, property listings, and access tools for your research and analysis.

Whether you are looking to buy, sell or rent apartments, condominiums, executive condos, HDBs, landed houses, commercial properties or industrial properties, we bring you Singapore’s most comprehensive and up-to-date property news and thousands of listings to facilitate your property decisions. Click into any listing to check out the new AI Redesign tool to envision your property based on your preferred style, be it Scandinavian, Minimalist or many others.

View More