Deka Singapore, the owner of the Chevron House commercial building in Singapore's Raffles Place central business district, has placed the asset on the market, inviting bids to start rolling in Aug. 2, according to JLL Singapore.

CBRE's executive director of capital markets, Jeremy Lake, said market fundamentals have tipped to the advantage of office asset sellers, presenting a situation where there were "more buyers than sellers." The company expects to offload the building for more than S$700 million, reflecting a net yield of 3.6% in the first year after the sale and a blended price of S$2,700 per square foot.

Anthony Barr, JLL Singapore's regional director of capital markets, added that the asset, sitting on a 29,891-square-foot plot that has 71 years left on its tenure, is going to be more attractive to property funds, corporate entities and family offices both locally and offshore.

The owner engaged JLL and CBRE to market the property, with expressions of interest and bids due by Sept. 14.

The 32-story commercial building spans 261,280 square feet of net leasable area, and comprises office and retail spaces. The office component and retail podium have respective net leaseable areas of 215,667 square feet and 45,613 square feet. Additionally, an unutilized gross floor area amounting to about 14,950 square feet can be developed by the new owners on the retail podium, JLL Singapore said Aug. 1.

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