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Office floor at Visioncrest Orchard released for sale at $54.84 mil

/ EdgeProp Singapore |

October 28, 2024 7:35 PM SGT

VisionCrest Orchard is a freehold commercial strata development that features Grade-A office spaces on its upper floors (Photo: TE Capital)

SINGAPORE (EDGEPROP) - A new office floor at Visioncrest Orchard, a freehold strata commercial development at Penang Road, has been put up for sale at a guide price of $54.84 million. With a floor space of 14,478 sq ft, the price works out to $3,788 psf.

In July, TE Capital and LaSalle Investment launched the sixth and ninth office floors of Visioncrest Orchard for sale. According to marketing materials seen by EdgeProp Singapore, these office spaces are still on the market. All three office floors launched to date are currently marketed by CBRE, ERA Realty, JLL, Knight Frank, PropNex Realty, and Savills.

The sixth floor, spanning 14,725 sq ft, has a guide price of about $58.6 million ($3,980 psf). The ninth floor, spanning 14,844 sq ft, comes with a guide price of $61.3 million ($4,130 psf).

The building's fifth and eighth office floors have been sold separately, with the price for the upper floor exceeding $4,000 psf and setting a new record for strata-titled office assets in the Orchard Road area, according to media reports.

VisionCrest Orchard has sold its fifth and eighth office floors separately, with the price for the upper floor exceeding $4,000 psf (Photo: TE Capital)

Completed in 2008, VisionCrest Orchard features Grade-A office spaces on the upper floors, a retail podium, and two levels of basement parking accommodating up to 135 cars. The 11-storey, freehold office building was acquired last November for $450 million by a joint venture between real estate investment managers TE Capital Partners and LaSalle Investment Management. Metro Holdings participated in the joint venture via a TE Capital fund and holds an effective 20% stake. The TE Capital fund owns the remaining 29.9%, while LaSalle Investment holds 50.1%.

Since the acquisition, extensive asset enhancement initiatives have been planned, including updates to the building’s façade and public areas, as well as the introduction of new green sustainability features, says Terence Teo, managing director of TE Capital Partners. "The building is expected to establish a new benchmark for Grade-A office buildings on Orchard Road," he adds.

Visioncrest Orchard is already a LEED Gold-certified building. However, these sustainability upgrades, including the installation of over 100 solar panels and thermo-efficient solar film on office windows, will further enhance the building, according to Teo. End-of-trip facilities will also be added to encourage eco-friendly commuting options among tenants.

Additional green features will include electric vehicle chargers, advanced air purification and monitoring systems, such as MERV 8 filters and ultraviolet germicidal irradiation sterilizers in the air conditioning systems, and air purifiers in all lifts.

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