Income at Raffles sold with JLL acting as lead advisor

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16 Collyer Quay

SINBGAPORE (EDGEPROP) JLL has announced the 100% disposal of Income at Raffles for an undisclosed price to a Singapore-based investment manager. JLL was the lead advisor to Mercatus Strategic Investment Management LLP, NTUC Income’s fund manager, for the sale.

“This is a landmark transaction given the building's prominence as one of Singapore’s most iconic buildings that sits on a rare 999-year leasehold land.” says JLL Singapore's head of capital markets Ting Lim.

Read also: Five adjoining shophouses at Club Street sold for $25.9 mil to ABR Holdings

Located at Raffles Place along Collyer Quay in the prime central business district (CBD), the 999-year leasehold Income at Raffles is an office building that spans 37-storey with a two-storey retail podium. The retail portion was originally built in 1992 and had undergone enhancement works in 2019.

The buyer could potentially unlock 30,000 sq ft of unutilised gross floor area, according to JLL.

The outlook for the office market to remain positive in the longer-term. JLL anticipates a growth of between 30% and 35% from 2022 to 2030 as supply in the CBD tightens.

“Singapore’s resilience and attractiveness as an investment destination within Asia Pacific continue to resonate strongly with investors.” Lim adds.

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