Arch Capital Management plans to buy the Anson House office building in Singapore's Tanjong Pagar area for S$210 million from a Savills Investment Management Inc.-managed fund, Mingtiandi reported Aug. 5, citing unnamed sources.
The Hong Kong-based fund manager is buying the 13-story building at 72 Anson Rd. for an unnamed German fund, the report said, with a deal expected to be signed within the week and completed within the next 10 days.
The property, which was expected to fetch about S$218 million when it was put on sale in February, has a 5.6 gross plot ratio and occupies a 99-year leasehold commercial site of 17,035 square feet. It has a net leasable area of 86,200 square feet, with ground floor retail space and two levels of parking space.
Savills Singapore and CBRE Group Inc. are overseeing the sale of the building whose tenants include ArcelorMittal and United Technologies International Corporation-Asia.
As of Aug. 5, US$1 was equivalent to S$1.38.