ASCENDAS-Singbridge Group has entered into a joint venture with Mitsui and Tokyo Tatemono to redevelop the former CPF Building. The 79 Robinson Road property will be redeveloped into a Grade-A office building with retail amenities; its total development cost is estimated at S$1 billion.
The joint venture company, Southernwood Property, comprises Ascendas-Singbridge and a consortium formed by Mitsui and Tokyo Tatemono. The former will hold a 65 per cent stake, while the consortium will have the remaining 35 per cent.
The new development will feature over 500,000 square feet of prime Grade-A office space, with panoramic views of the city and the southern bay.
Ascendas-Singbridge had won the tender on the sale of 79 Robinson Road in November 2015, with a bid price of S$550 million.
Source: Business Times, 5 December 2016