An entity linked to US-based private equity group KKR is understood to be buying Twenty Anson for close to S$600 million from AEW, The Business Times understands.
The price works out to about S$2,900 per square foot (psf) on the net lettable area of 206,200 square feet (sq ft) for the 20-storey office building which is on a site with a balance leasehold tenure of about 84.5 years. It was completed in 2009.
Market watchers note the acquisition of the property, a stone’s throw from Tanjong Pagar MRT, will provide KKR its maiden direct Singapore real estate exposure.
Twenty Anson has untapped gross floor area (GFA) of close to 34,400 sq ft. This means there is potential to expand the existing GFA of 252,070 sq ft by nearly 14 per cent. Under the Urban Redevelopment Authority’s Master Plan 2019, the 27,281 sq ft site is zoned for commercial use with 10.5 plot ratio, which would allow a maximum GFA of around 286,450 sq ft.
CBRE is understood to be involved with the transaction.