S$3.4b sale of Asia Square Tower 1 to Qatar fund ‘likely to jolt office market’

BlackRock Inc has agreed to sell a 43-storey office building in Singapore to Qatar Investment Authority, a sovereign wealth fund, for S$3.4 billion,  which is about S$2,700 psf, comparable to the transaction of Marina Bay Financial Centre Tower 3 in 2014, where Keppel Land sold a one-third interest to ­K-Reit at S$2,680 psf. However, the price pales in comparison to the recent S$3,520 psf sale of the Straits Trading Building to a company controlled by Indonesian tycoon Dr Tahir.

Point to ponder: Will this sales price set the market price for office space in the Central Business District?

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