US-BASED real estate investment manager AEW is selling 55 Market Street to an indirect wholly-owned Singapore-based real estate unit of Tokyo-based Kajima Corporation, for nearly S$287 million, The Business Times understands.
The price for the 16-storey, 999-year leasehold building in the Raffles Place financial district works out to about S$3,450 per square foot on the net lettable area (NLA) of 83,000-plus sq ft.
Standing on a land area of 6,575 sq ft, 55 Market Street has 15 floors of offices and 2 levels of retail space (on the ground floor and in the basement).
AEW completed a refurbishment of 55 Market Street in early 2020 after acquiring it in 2018 from Frasers Commercial Trust for S$216.8 million or S$3,020 psf based on the NLA of 71,796 sq ft at the time,
Industry sources say that as 55 Market Street is mostly vacant, Kajima’s most immediate priority would probably be to find tenants to fill up the building. However, some observers suggest that later on, Kajima could consider an exit strategy via strata sales of the property.