55 Market Street
01 Project Details
|Address||55 Market Street, Singapore 048941|
|Deal Structure||100% interest|
02 The Challenge
The property had been marketed by other consultancies before Cushman & Wakefield (C&W) was appointed. However, market interest had not been very strong, primarily due to the initial high asking price.
Despite its freehold tenure and excellent location within Raffles Place, the property did have a few challenges. The low occupancy rate had been a key concern, with only around 10% of the building being leased out. The initial asking price also included all lift lobbies, restroom facilities , and a sky terrace area in the net lettable area calculation, and this faced resistance from prospective buyers. Finally, the absence of carparking in the property was a source of inconvenience for tenants.
03 The Solution
04 The Result
This transaction marks C&W Capital Markets team’s fourth major Singapore CBD office transaction. A total transaction volume of close to $1.2 billion in just nine months makes the team the top Capital Markets broker in Singapore, with the highest number of CBD commercial buildings transacted in the last 12 months.
Meet the Team
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