Asia Green was completed in 2009 and is located at 7 & 9 Tampines Grande. It comprises two 8-storey office blocks. (Picture: JLL)
SINGAPORE (EDGEPROP) - Asia Green, a Grade-A commercial development in Tampines, is on the market for $470 million. The sale will be conducted through an expression of interest exercise that will close on June 28. The property is jointly marketed by Cushman & Wakefield and JLL.
Asia Green was completed in 2009 and is located at 7 & 9 Tampines Grande. It comprises two 8-storey office blocks that are linked by a double-volume entrance lobby. The property also has retail and F&B units on the ground floor. The entire development sits on an 86,110 sq ft plot and the buildings have a combined net lettable area of 285,559 sq ft.
According to a press release on May 20, Asia Green also has an existing strata area subdivision approval with 23 separate strata titles and a total strata area of 319,249 sq ft. This provides the new owner or investor with the option of a strata sale exit strategy in future.
“This sale presents investors with rare access to a core Grade-A suburban commercial asset with immediate income yield from a roster of high-profile tenants, including Hitachi Asia, NCR Asia Pacific, Aldwych International, BNP Paribas Wealth Management, Sysmex Asia Pacific,” says Heather Liew, senior director, JLL Singapore. (Find Singapore commercial properties with our commercial directory)
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Asia Green has a Green Mark Platinum status, and wellness and sustainability features including smart sensors to better manage energy utilisation on each floor.
“Asia Green is the best-in-class product, future-proofed with strong focus on sustainable green building features,” says Shaun Poh, executive director of Capital Markets at Cushman & Wakefield. “It is the only Grade-A office building in the eastern region and probably one out of the only three premium Grade-A suburban office buildings in Singapore.”
Asia Green is close to Tampines MRT Interchange which is connected to the East-West and Downtown Lines.
“Located in Tampines Regional Centre, the hub for commercial activity in the eastern region of Singapore, Asia Green offers the highest building specifications and is a natural choice for companies including major banks and insurance companies that want to establish a satellite or suburban office,” says Ting Lim, head of capital markets, JLL Singapore.