One Finlayson Green Sells for $227 million

SINGAPORE, 22 March 2011 – Jones Lang LaSalle has successfully brokered the sale of OneFinlayson Green on behalf of a Fund managed by Lucrum Capital through a private treaty to Kerisvale Pte Ltd, which consists of a group of private investors, at $227,000,000. This is the highest per square foot sales price achieved this year at approximately $2,520, or $2,360 per sq ft on the strata area.

One Finlayson Green is a freehold commercial building, strategically located at the junction of the prestigious Raffles Place and the New Downtown.  It enjoys a prominent frontage and is very visible from the busy crossroads and the highly pedestrianised Raffles Place Park.

The building, comprising a 19-storey office tower, was developed in 1994 and has a total net lettable area of approximately 89,950 sq ft. The retail unit on the 1st and 2nd floor is currently occupied by AIA. The building has also obtained in-principle strata-title approval from the relevant authorities and each strata-titled unit is approximately 6,437 sq ft.

Ms Stella Hoh, National Director and Head of Investments at Jones Lang LaSalle, comments “With the rising office rental market and the limited availability of freehold office buildings in core Raffles Place, the interests in One Finlayson Green was very strong when it was put up for Expression of Interests late last year.  The property attracted good interest from both strata-titled and enbloc buyers. After much negotiation between the buyer and seller, the deal was finally sealed. The buyer intends to keep the building for long-term investments.”

One Finlayson Green is the third commercial deal brokered by Jones Lang LaSalle this year, following the Singapore Technologies Building in Tanjong Pagar and PoMo in Selegie.

Source: JLL Singapore, 22 Mar 2011