The office property is boasting 93% tenant occupancy while the rents being demanded are in the range of S$11 to S$13 per month.
Frasers property stated on Thursday that the issue of selling Frasers Tower is being discussed with certain parties who have expressed their interest in buying Frasers Tower office building situated at 182 Cecil Street.
In response to queries from Bloomberg, it was stated that there is no surety that there is no guarantee of a financial deal following from such discussions.
Frasers property further added that they are continuously reviewing the available opportunities for them in order to increase their shareholder value.
It includes the possible opportunities to cooperate with the new investors and also diverting their attention to the assets and projects.
“For the review of such concern, we might get into discussions with several parties for making potential investments in or the divestment of the interest in certain assets and projects,” it was stated.
As per the reports generated by the media, the symbolic price will approximately increase to settle just around $3,000 psf while giving the building a projected value of USD $2 billion. Frasers properties higher authorities have declined to confirm this figure.
Frasers Tower has recently welcomed Uber into its premises along with the giant venture American ride-hailing which is moving their Asia-Pacific hub to the tower while occupying almost 2000 square meters for housing 165 of its employees.
During its construction before January 2018, Frasers Property made the announcement that they have two anchor renters for their property.
One is Microsoft Singapore and the other one is French integrated gas and oil cooperation Total Oil while lodging a shared area of 232,200 square feet.
Frasers Tower’s other tenants include Arup, Pacific Life, The Executive Center, Sumitomo organization and Fonterra.
Frasers Tower owns a net lettable area (NLA) of almost 663,000 square feet; among this, around 22,000 square feet, NLA is specified for retail.
The building is comprised of 38-floor Grade-A premium office areas with a three-floor cascading retail platform having a roof garden as well.
The building also features a park and a restaurant located inside the park having a 3-floor car parking in the basement. Frasers Tower building ideally fits in most of the luxuries at one place.
The huge building of Frasers Tower has an exclusive green mark platinum rating. Frasers has raised previously S$1.2 billion in the form of syndicated secured green loan for Frasers Tower further development work.
As per the previous reports, Frasers Tower key contract was presented to Hyundai Engineering and Construction Company for an amount of almost S$287 Million.
Frasers Tower was the design of DP Architects while carrying out the joint marketing leasing activities through the agents JLL and CBRE.
Frasers Property made a payment of S$924 million or S$1,112 psf for a single plot ratio of 82,841 square feet commercial site of leasehold for a time duration of 99 years.