A group of investors led by real estate and healthcare company Perennial Real Estate Holding Ltd. is mulling the en bloc sale of AXA Tower in Singapore's central business district for at least S$1.65 billion, representing a per-square-foot valuation of S$2,150.

The consortium, which comprises Perennial, HPRY Holdings Ltd. and other unidentified investors, acquired the 50-story office development in 2015 for S$1.17 billion. Perennial and HPRY hold respective stakes of 31.2% and 10.1% in the office property.

AXA Tower is undergoing a refurbishment that will take its total strata area to approximately 767,358 square feet. Upon completion, the ongoing works will push up retail space to roughly 60,000 square feet at the asset, along with a new 32,000-square-foot two-story annex block, which will contain medical suites.

In a release, Perennial indicated that a number of inquiries for the asset, driven by strong demand for office assets in the Lion City, prompted the consortium to consider an en bloc sale for the A grade tower. The building, which is being marketed by JLL and CBRE, sits on a 118,230-square-foot plot and will have a post-redevelopment gross floor area of approximately 1.06 million square feet, carrying a 99-year leasehold term that will expire July 18, 2081.

As of July 31, US$1 was equivalent to S$1.36.