Two Office Floors Visioncrest Orchard Sale 1199 Mil
The freehold strata commercial development at 103 Penang Road in the Orchard Road precinct, known as VisionCrest Orchard, is now offering office units for sale through a joint venture between real estate investment managers TE Capital Partners (TEC) and LaSalle Investment Management.
In a press release dated July 15, the JV partners announced the launch of two full office floors at VisionCrest, with a combined guide price of $119.9 million. The sixth floor, measuring 14,725 sq ft, is being offered for $58.6 million ($3,980 psf), which is a 37% increase from the price that the floor was purchased for.
Similarly, the ninth floor, measuring 14,844 sq ft, is being offered for $61.3 million ($4,130 psf), a 39.9% increase from its purchase price last November.
According to a brochure by international property consultancy JLL, which is marketing the office space, both floors were recently renovated in 2018 to upgrade the lobbies, lift cars, and washrooms. The office air-conditioner was also replaced in 2020.
The VisionCrest building, located on 103 Penang Road, is a freehold commercial strata development completed in 2008. The upper floors feature Grade-A office spaces that are LEED Gold certified, the highest global standard for green buildings. The ground floor houses a retail podium, with two levels of basement parking for up to 135 cars. The total office space measures 149,652 sq ft, while the retail space covers 5,059 sq ft, spanning across 11 storeys.
VisionCrest Orchard is part of a larger mixed-use development that includes the national monument House of Tan Yeok Nee, which currently houses Amity Global Institute and the 265-unit VisionCrest Residence. The development is conveniently located near the Dhoby Ghaut MRT Interchange Station and is just a few minutes’ drive to major expressways and popular malls like Plaza Singapura and 313@Somerset.
TEC and LaSalle acquired VisionCrest Orchard from German fund manager Union Investment Real Estate for about $450 million in November 2020. This is 4.26% lower than the initial asking price of $470 million when the development was first launched for sale in July of the same year.
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The property is managed by TE Capital and backed by Singapore-listed Metro Holdings as a capital partner. Metro holds a 20% stake in the property, while TEC and LaSalle own 29.9% and 50.1%, respectively.
To further enhance VisionCrest’s green credentials and upgrade its specifications, the JV partners have initiated an asset enhancement programme, which includes updating the building’s facade and public areas, as well as implementing new sustainability features. The enhancement works are expected to be completed by 2025.
In addition, the JV partners have appointed real estate management firms CBRE, ERA, JLL, Knight Frank, PropNex, and Savills as marketing agents for VisionCrest Orchard. Interested buyers can also look forward to the upcoming VIP previews for a 14,725 sq ft office space and 1,388 sq ft of retail units, currently under due diligence.