Capitaland is said to be in exclusive negotiations to acquire Asia Square Tower 2 from Blackrock. Based on sources, the price under negotiations is above S$2,700 psf. The recent sales of Asia Square Tower 1 in June 2016, and the GLS in November 2016 won by IOI Properties @ S$1689 psf, demonstrate strong confidence in the office market in Marina Bay area. Tower 2 comprises of offices and the Westin Hotel. It was over 90% occupied as in end 2016.
Qatar Investment Authority (QIA) bought the 43-storey office tower from US PE giant BlackRock. The psf figure based on this sale price is at $2720, lower than the $3520 psf offered for Straits Trading Building a week ago. The net lettable aread is at 1.25m sqft, at a yield in excess of 3%. The anchor tenant is Citibank, together with Google and Julius Baer. QIA also own the Raffles Hotel and other properties.