A 13-storey office block, owned by Australia’s Macquarie Bank has been sold for $85 million. Though the second transaction for the 11-year-old Anson House took several days, it was still a successful transaction.
Anson House boasts several tenants like ArcelorMittal, GE Group and Swire Shipping, making it 98.5% occupied and rented.
The sale-and-purchase transactions for the Anson House is said to have been signed on Monday.
Transactions were done in discretion, and several resources say that clients are probably in a group of high net worth Singaporean and Australian individuals.
The office block was bought by Macquarie Bank managed fund at $129.5 million way back in 2007. Market analysts believe that the loss will be soon compensated if and when Singapore dollar appreciations against the Australian dollar.
According to Donald Han, Cushman & Wakefield Singapore managing director, the market is starting to feel a sense of assurance for office investment sales deals. Office sales seem to be rising and so is the demand for it, while the prices are still negotiable.
High net worth investors from Singapore have been coming out. The country’s office blocks prices are playing in between $1,100 to $1,300. After the painful effect of recession, Singapore is racing back to its former glory.