Two Office Floors Visioncrest Orchard Sale 1199 Mil
TEC and LaSalle Investment Management have recently announced the launch of office units at VisionCrest Orchard, a freehold strata commercial development located at 103 Penang Road in the Orchard Road precinct. These office units are being offered for sale at a total guide price of $119.9 million, as part of the launch.
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The two full office floors, the sixth and ninth floors, have a guide price of approximately $58.6 million and $61.3 million respectively. This marks a significant increase from the original purchase price of the floors in November 2020, with the sixth floor being bought for $42.79 million and the ninth floor for $43.82 million. This reflects a 37% and 39.9% increase in price for the sixth and ninth floors respectively.
According to the marketing brochure by JLL, which is handling the sale of the office space, both floors were renovated in 2018 to upgrade the lobbies, lift cars, and washrooms, while the office air-conditioner was replaced in 2020.
VisionCrest Orchard is a freehold commercial strata development completed in 2008, featuring Grade-A office spaces on the upper floors that are LEED Gold certified. The ground floor houses a retail podium, with two levels of basement parking that can accommodate up to 135 cars. With a total office space of 149,652 sq ft and retail space of 5,059 sq ft, spread across 11 storeys, the development also includes the national monument House of Tan Yeok Nee, currently housing the private university Amity Global Institute and the 265-unit VisionCrest Residence.
The JV partners, TEC and LaSalle, acquired VisionCrest Orchard from German fund manager Union Investment Real Estate in November 2020 for $450 million. This is slightly lower than the asking price of $470 million when the development was launched for sale in July of the same year.
The asset enhancement program by TEC and LaSalle aims to improve the property’s green credentials and upgrade its specifications. This includes updating the building’s facade and public areas, as well as introducing new sustainability features. The enhancement works are expected to be completed by 2025.
TEC and LaSalle have appointed real estate management firms CBRE, ERA, JLL, Knight Frank, PropNex, and Savills as the marketing agents for VisionCrest Orchard.