http://www.businesstimes.com.sg/real...ned-by-2-weeks

Closing date for bids for 77 Robinson Rd postponed by 2 weeks

By Kalpana Rashiwala

[email protected]@KalpanaBT

Sep 29, 2015


JUST a few weeks after launching an expression of interest for the sale of 77 Robinson Road, property consultancy group DTZ South East Asia has delayed the Oct 15 closing date for the exercise by about two weeks, BT understands.

This is to allow the seller - a fund managed by the former SEB Asset Management, which has been acquired by Savills Investment Management - to bundle 77 Robinson Road together with an eight-storey office block that the fund owns in Japan for sale through the same EOI exercise.

The new EOI closing date will be Oct 27. Bidders will have the option to bid for either property, or both.

The Japanese asset, New City Tama Center Building, is about 40 minutes' train ride from Shinjuku.

Spanning eight storeys and a basement, the freehold property has about 262,000 sq ft net lettable area (NLA). The property was completed in 2003 and refurbished four years later. The building has a small retail component. Sources suggest the property's price tag could be around 15.5 billion yen (S$182.9 million).

The guide price for 77 Robinson Road is S$650 million, which works out to S$2,212 psf based on the NLA of 293,818 sq ft. The 35-storey office tower is on a site with a balance lease term of around 77 years.

77 Robinson Road and New City Tama Center Building are the last two properties in Asia held by SEB ImmoInvest fund.

Another SEB fund owns Anson House near Tanjong Pagar MRT Station, which is understood to be the subject of a separate EOI exercise, also being conducted by DTZ and which is also expected to close in late October.

The guide price for the 13-storey office block, on a site with a balance lease term of 80.5 years, is believed to be S$2,650-2,700 psf or around S$200-204 million. The building's NLA is about 75,500 sq ft.