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JLL, Cushman & Wakefield market retail, office lots in Singapore building

Marketing agents JLL and Cushman & Wakefield jointly launched a sale of five retail and office strata lots within the commercial building formerly known as Chevron House at 30 Raffles Place in Singapore, The Business Times reported Sept. 3.

The guide price for the retail space is set at S$5,000 to S$5,500 per square foot of net lettable area, while the office space is being marketed with a guide price of S$3,000 to S$3,300 per square foot of net lettable space. The newspaper estimates the guide price for the combined lots spanning seven floors at between S$461.7 million and S$507.9 million.

An expression of interest exercise for the lots will close Oct. 10.

Property developer Oxley Holdings Ltd. started a comprehensive asset enhancement initiative works at the building after it agreed in April to sell the 32-story asset to Golden Compass for nearly S$1.03 billion. The revamp is expected to cost about S$100 million, with completion slated in the first quarter of 2020.

As of Sept. 3, US$1 was equivalent to S$1.39.