Monday, 6 June 2016

Asia Square Tower 1

Singapore's competitiveness remains as strong as ever. This is very obvious when Global investment management firm BlackRock managed to sell prime office building Asia Square Tower 1 for $3.4 billion to Qatar's sovereign wealth fund. It is the largest ever single-tower sale in Asia Pacific.

The 43-storey building was bought by the Qatar Investment Authority (QIA). Current tenants of Asia Square Tower 1 include financial services companies Citibank and Julius Baer as well as insurance firm Marsh & McLennan.

"Asia Square is one of the most prestigious commercial developments in the region and represents a rare opportunity to acquire a premium, highly sought-after property in one of Asia's most important business and financial centres," said Stuart Crow, Head of Asia Pacific Capital Markets, JLL. 

This sale is a true testament of Singapore's outstanding position as the financial hub of the region. Surrounding property may well witness an appreciation of values following this remarkable deal.

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