The 100% interest in the prime Singapore central business district (CBD) asset was acquired by a Singapore-based investment manager.

Located in the heart of Raffles Place along Collyer Quay, Income at Raffles is one of the few remaining assets in the Singapore CBD with a highly coveted 999-year leasehold land tenure. The asset comprises a 37-storey office building and two-storey retail podium that was originally built in 1992 recently completed enhancement works in 2019.

“The sale of Income at Raffles is a landmark transaction given its prominence as one of Singapore’s most iconic buildings that sits on a rare 999-year leasehold land. JLL is proud to have acted as an advisor on this transaction, which reinforces the longer-term appeal of core Singapore CBD assets,” says Ting Lim, Head of Capital Markets, Singapore, JLL.

According to JLL estimates, the longer-term outlook for the Singapore office outlook remains positive. The firm estimates 30-35% growth between 2022 and 2030 as CBD supply tightens. Furthermore, the buyer could potentially unlock approximately 30,000 square feet of unutilised gross floor area (GFA), subject to approvals.

“Singapore’s resilience and attractiveness as an investment destination within Asia Pacific continue to resonate strongly with investors. We remain extremely confident in the attractiveness of the Singapore office sector, given limited new supply coming to the market and intensifying competition for prime CBD assets,” says Stuart Crow, CEO, Capital Markets, Asia Pacific, JLL.