05 Oct '16, 1am

Ascendas-Singbridge in joint venture to redevelop former CPF building

Ascendas-Singbridge in joint venture to redevelop former CPF building

E-mail to friend Bookmark & Share Singapore business space developer Ascendas-Singbridge announced Tuesday (4 October) that it has entered into a joint venture (JV) with consortium Mitsui – Tatemono JV to redevelop the former CPF Building (pictured ) at 79 Robinson Road. This follows almost a year later after Ascendas-Singbridge had won the tender for the sale of 79 Robinson Road by the Central Provident Fund Board (CPF Board) in November 2015 with a bid price of S$550 million. The JV will redevelop the 47,050 sq ft site into a Grade-A office building which will offer 500,000 sq ft of prime office space as well as retail amenities for a total development cost of S$1 billion. Ascendas-Singbridge and the consortium between Mitsui and Tokyo Tatemono will hold 65 percent and 35 percent stakes the joint venture company Southernwood Property, respectively. Under the partnership,...

Full article: http://www.commercialguru.com.sg/property-management-news...

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