A consortium spearheaded by Perennial Real Estate Holdings has agreed to purchase a Singapore office and retail tower from the Asia Real Estate Income Fund, which is managed by the Pacific Star Group, for S$970 million ($766 million).
The 17-story TripleOne Somerset building is located near the prime Orchard Road shopping street. The building's tenants include healthcare provider Parkway Pantai Ltd. and Petra Foods Ltd., a chocolate dessert maker, according to Bloomberg. The building's bottom two floors were converted into retail space.
In the fourth quarter, office rents in Singapore increased four percent to S$9.38 per square foot per month, a representative from Cushman & Wakefield told Bloomberg.