Income at Raffles sold with JLL Singapore-based investment manager

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JLL has disclosed the 100% sale of Income at Raffles for an unspecified cost to a Singapore-based investment manager. JLL was the main adviser of Mercatus Strategic Investment Management LLP which is the manager of NTUC Income’s funds in the transaction.

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“This is a significant deal due to the building’s status in Singapore as one of the famous buildings, and it is situated on a unique leasehold of 999 years. land.” JLL Singapore’s director of the capital market Ting Lim.

It is situated in Raffles Place on the Collyer Quay in the Central Business District (CBD) The leasehold of 999 years Income in Raffles is a office building with 37 floors and two storeys of retail podium. The retail component was constructed in 1992, and been upgraded in the year of 2019.

The buyer may be able to gain access to 30,000 square feet of gross floor space that is not being used According JLL.
There is a chance for office sector to remain positive over the long term. JLL expects growth between 30% to 35% between 2022 and 2030, as the supply of office space in the CBD is squeezed.

“Singapore’s ability to withstand and its attractiveness as an investment destination in Asia Pacific continue to resonate strongly with investors.” Lim adds.