Tag Archives: CapitaGreen

CapitaLand Commercial Trust to buy remaining 60% stake in CapitaGreen for S$393m

CapitaLand Commercial Trust (CCT), Singapore’s largest office real estate investment trust, will acquire the remaining 60 per cent stake it does not own in the CapitaGreen office tower for S$393 million.

CCT will buy a 50 per cent share from CapitaLand group and another 10 per cent share from Mitsubishi Estate Asia, the company said in a filing to the Singapore Exchange on Monday (May 23).

The purchase will be funded through borrowings from committed bank facilities, CCT said.

CapitaLand said in a separate exchange filing that the acquisition price is based on CapitaGreen’s agreed market value of S$1.6 billion (S$2,276 per square foot), which is the average of two independent valuations.

CCT will exercise a call option to acquire the stakes. This call option is part of a joint venture agreement signed in 2011 and is conditional on market valuation being equal to or above the hurdle price of S$1.59 billion, CapitaLand said.

The developer added that it will make a profit of about S$196 million from the sale of its stake.

Completed in December 2014, CapitaGreen is a Grade A office tower developed on the site of the former Market Street Car Park. The building has a net lettable area of about 703,000sqft, and has an occupancy of 92.8 per cent as of Mar 31.

Source : Channel NewsAsia – 23 May 2016

Lloyd’s opens new, bigger office in CapitaGreen

Insurance giant Lloyd’s on Wednesday (Nov 4) opened its new, bigger office in CapitaGreen, as it looks to expand its presence and tap regional growth.

Lloyd’s has been operating in Singapore since 1999. It has grown to 20 service companies with 24 syndicates and more than 380 employees, making it Lloyd’s largest hub outside London.

Lloyd’s chief executive officer Inga Beale, who was in Singapore to open the new office, said the new location affirms Lloyd’s intent to grow its business in the region.

She said: “Singapore is very clearly becoming the insurance and reinsurance hub for the region. I think it’s the perfect combination for Singapore to become a real hub for insurance and reinsurance in the region.”

Source : Channel NewsAsia – 4 Nov 2015

40-storey CapitaGreen office development officially opens

CapitaLand’s new office development in the Central Business District, CapitaGreen, officially opened on Wednesday (Sep 9), after the 40-storey premium Grade A office building was completed in December last year.

With a focus on sustainable development, CapitaGreen has features such as a green facade covered by living plants, and a rooftop wind scoop, which contributes to cooling the building naturally.

Tenants at CapitaGreen include several multinational companies, such as Bordier & Cie, China Life Insurance, Fitness First, Lloyds Banking Group and Schroders Investment Management. Currently, aggregate committed occupancy stands at an estimated 83 per cent, or 583,200 square feet of total net lettable area.

CapitaGreen won the Best Tall Building Award for Asia and Australasia Region 2015, and was awarded the Universal Design GoldPlus and Green Mark Platinum by the Building and Construction Authority.

The building is jointly developed by CapitaLand, CapitaLand Commercial Trust and Mitsubishi Estate Asia.

Source : Channel NewsAsia – 9 Sep 2015

One-fifth of CapitaGreen leased ahead of completion

The upcoming CapitaGreen, a Grade A office building at Market Street, has secured leasing pre-commitments for 21 per cent of its net lettable area, joint developer CapitaCommercial Trust (CCT) said on Wednesday (July 2).

About 150,800 sq ft of the 40-storey building’s total net lettable area of 700,000 sq ft has been committed, CCT said. The tenants include multinational firms such as commodities trading giant Cargill, Swiss private bank Bordier & Cie, insurance broker Jardine Lloyd Thompson, law firm Jones Day and an unnamed international gym operator.

A topping-out ceremony to mark the progress of the building’s construction was held on Wednesday by the development’s joint venture partners – CCT, CapitaLand and Mitsubishi Estate Asia. National Development Minister Khaw Boon Wan officiated the ceremony and planted nine plant species, to showcase the plants that will be grown in the building.

Ms Lynette Leong, CEO of CCT, said in a statement: “Given that CapitaGreen is the only new Grade A office development in the CBD completing in the next two years, it is well positioned to leverage on the limited office supply to progressively attract more tenants.”

CapitaLand said that by adopting innovative technologies and design-and-build methodology, the construction timeline has been shortened from 40 months – the average industry minimum to complete a building of this scale – to 36 months.

CapitaGreen is due to be completed by the end of this year.

Source : Channel NewsAsia – 2 Jul 2014

New office tower at site of former Market Street Car Park

A billion-dollar office block is being erected at the site of Market Street Car Park in Singapore’s financial district.

As the market for prime-grade office space is softening, property analysts are wary that the developers may not achieve the rentals they are seeking.

Property group CapitaLand, together with CapitaCommercial Trust (CCT) and Mitsubishi Estate Asia (MEA), will jointly develop the former Market Street Car Park into a new Grade A office tower.

The demolition of the car park was completed in December 2011.

Under the agreement, CapitaLand, CCT and MEA own 50 per cent, 40 per cent and 10 per cent interest respectively in MSO Trust, an unlisted special purpose sub-trust set up to undertake the development.

The office tower, called CapitaGreen, will cost S$1.4 billion to develop.

The new building, which sits on the 58,954 square feet site, will also have a change of address to 138 Market Street to mark its new beginning.

When completed, CapitaGreen will have about 700,000 square feet in lettable office space over 34 levels, with around 180 parking lots.

By then, analysts said CapitaGreen will provide the largest office supply around the Central Business District (CBD), once completed at the end of 2014.

Lynette Leong, CEO of CapitaCommercial Trust Management, said: “Our estimate is that by then, market rent should be between S$12 to S$14 per square foot for grade A office space, and given the high specification of this building,
we should be able to attract tenants who are able to afford that kind of rental.”

Nicholas Mak, executive director of research and consultancy at SLP International, said: “Any new building that is going to be completed in the next four years will have to be price takers. They can ask for a certain rental, but they will also have to be mindful of what their competitors are charging.”

Colin Tan, head of research and consultancy at Chesterton Suntec International, said: “They have started their marketing pretty early, given the completion is only end-2014. I think…right now, the office market is on the verge of turning and we may be in the down cycle. So, I think they may be anticipating this and may be trying to secure best rentals that they can fetch right now.”

Helping the effort, CapitaLand is flying the green flag over the project, saying it will be the most environmentally-friendly building in Singapore’s CBD.

Source : Channel NewsAsia – 6 Feb 2012