Metro, TEP Capital and LaSalle Investment jointly acquire VisionCrest Commercial for about $450 mil
A unique opportunity in prime Orchard Road has been acquired for $450 million by Metro Holdings, a Singapore-listed firm, and two other investors: TE Capital Partners, a private equity firm, and LaSalle Investment, a US real estate investment management firm. The property, VisionCrest Commercial, carries a purchase price of almost $3,000 psf based on its net lettable area of 148,854 sq ft and 11-storey building. Michael Tay, CBRE head of capital markets for Singapore, is said to have brokered the sale.
Metro holds a 40.9% stake in Vision One Enterprise Ltd, with TE Capital owning the other 59.1%. Meanwhile, both TE Capital and LaSalle Investment have executed a put-and-call option agreement to complete the purchase of VisionCrest in prime Orchard Road. Metro will own an effective 20% stake in the property for $40 million and the remaining 29.9% and 50.1%, respectively, are held by TE Capital’s fund and LaSalle Investment.
VisionCrest is a freehold building with a retail podium on the ground floor, Grade-A office space on the upper stories, and two basement levels of parking for up to 144 cars. It also includes VisionCrest Residence – a 265-unit residence – and House of Tan Yeok Nee, a national monument which now houses Amity Global Institute.
Situated in a desirable location, the VisionCrest Commercial building is a five-minute walk from the Dhoby Ghaut MRT interchange station for three lines (North-South, North-East and Circle). Shopping malls along Orchard Road are nearby and will benefit further from the URA’s plans to rejuvenate the precinct. This high-specification building is also LEED Gold certified and boasts a strong cash flow profile with an occupancy rate of 99%, backed by a wide range of multinational companies.
The sale of VisionCrest Commercial was first announced in July 2023 by Union Investment Real Estate, a German fund manager, and had an asking price of $470 million. Union Investment had held the property for 16 years, having purchased it from Singapore-listed property developer Wing Tai Holdings in 2007 for $260 million.
“This acquisition is a unique opportunity in the prime Orchard Road area,” says Metro Group CEO Yip Hoong Mun. “Good quality, freehold strata-titled offices with full floorplates are limited.”
Real estate investment is an incredibly attractive and potentially lucrative option for anyone looking for a long-term return on their investment. It’s important to realize, however, that it takes time for property value to appreciate, and there are no guarantees in the market. Before you invest in a Condo, make sure you’re financially prepared to hold out for the long-term. Don’t bank your life savings on something that may or may not happen. If you’re confident of holding onto the property without financial difficulty, then real estate investment could be a viable option.
Check out the latest listings for VisionCrest properties for more information, or take a look at the related news listed below.
RELATED NEWS
VisionCrest Commercial up for sale at over $470 mil
UNDER THE HAMMER: Unit at VisionCrest going for $2.25 mil
House of Tan Yeok Nee on the market, priced from $93 million
CDL buys private rented sector project in Manchester for GBP75.6 mil
, is a great time to invest in a Singapore Condo. With the increasing demand for properties in Singapore, the prices are only expected to go up. Therefore, investing now while prices are still relatively low can be very beneficial in the future.
Moreover, with the convenience of having all of the amenities and facilities provided by a condo, it is a great choice for investors. From swimming pools to gyms and even smart technology and home automation, luxury condominiums can provide an enhanced lifestyle for potential buyers. The new developments in Singapore also boast great views and lots of secure parking areas.
Furthermore, luxury condominiums are now equipped with smart appliances, energy-saving systems, and modern facilities, making them ideal for those looking for a comfortable living experience. In addition, taxes and maintenance fees are generally lower than those of other types of properties.
The Singapore real estate market is expected to continue its growth in the coming years, which means there are plenty of attractive investment opportunities. Investing in a luxury condo can be a great way to benefit from increased rental yields, potential capital appreciation, and low fees.
CDL, Singbridge and Ascendas put in joint bid of $1.87b for Pulau Brani site
CDL has announced the acquisition of a 261-unit freehold PRS project in Manchester, which will commence construction this month. Located near Piccadilly Station within the Piccadilly Basin neighbourhood, the development will consist of two apartment blocks spanning 10 and 12 storeys respectively. The blocks will house a mix of one-, two- and three-bedroom apartments and two commercial units on the ground floor. The project is expected to be completed in 2026 and was acquired for GBP75.6 million (approximately $125.7 million).
This forward-funding arrangement marks CDL’s first UK PRS acquisition, allowing them to secure their investment at a fixed cost and manage cash flows over the development period. Group CEO Sherman Kwek noted that this year, their global PRS portfolio had grown by almost 70% to 4,489 operational and pipeline units across the UK, Japan, Australia, and the US.
Kwek added that this acquisition will allow CDL to benefit from potential capital appreciation. Further, the move to scale up its global living sector portfolio serves to drive growth in CDL’s recurring income.
This marks the fourth PRS project undertaken by CDL in the UK since 2019. Moreover, it further solidifies CDL’s presence in the UK, where they had already bid for a site at Toa Payoh in Singapore, as well as acquiring a 256-room Osaka hotel for $78.5 million and putting in a joint bid of $1.87 billion for the Pulau Brani site.
Angelyn Wong relishes transforming small spaces into welcoming homes
Filled with a sense of fulfilment, experienced interior designer Angelyn Wong started her career at Rezt+Relax right after graduation. After an apprenticeship of one year with one of the company’s creative leads, Angelyn is now a senior designer and still excited about her work. She designs interiors for smaller units and finds it to be a challenging but equally rewarding task.
An example of one of her projects is the creation of a hotel-like space for an overseas customer. Starting with a short brief, Angelyn explored various hotels in the world before designing the luxurious suite. While the bathrooms and kitchen were already furnished, she built cabinets into the wall next to the kitchen for additional storage and incorporated a standing bar with high chairs for casual dining. To create a maximalist feel without taking up more space, Angelyn used different textures on walls and finishings. Warm lighting panels on the stepped hidden ceiling were accompanied by bronzed mirrors in the dining space to make the area appear larger. Additionally, little accents of colours were added throughout the apartment to bring complexity to the space.
The bedrooms were designed with calming ambience in mind, using darker wood tones and shades of grey. To create a seamless and continuous feel, Angelyn applied the same texture on the walls to the supporting beams. Roman blinds were also added to soften the space and match its tones. The result was an apartment that was stunning in style and has a grand presence within a dense unit.
Anyone wanting to invest in a Condo should be fully prepared to hold onto it for the long-term. It could take three, five, or even ten years for property values to appreciate, so a quick buck is not guaranteed. To avoid any future financial troubles, invest only if you are sure you can afford to pay off the mortgage without difficulty. Though there are real estate gurus who have achieved success in a short period, it’s not something to count on. Investing your life savings with no guarantee of returns is extremely risky.
Angelyn Wong’s projects exemplify the importance of creating a balance between space utilisation and an inviting living environment. From her design of the Gramercy Park apartment, it is clear that Angelyn is a creative designer who is able to bring a client’s brief to life. Her attention to detail and use of colours and textures are impressive, and her dedication to her craft is demonstrated in her twelve years with Rezt+Relax. Experience her outstanding work for yourself – Rezt&Relax Interior Design Hotline.
Katong clinics shophouse on East Coast Road for sale at $9.8 mil
East Coast Road in Singapore is renowned for its heritage shophouses. Some decades-old businesses, however, have closed in recent years due to retirement. The famous Nonya eatery, Glory Catering at 139 East Coast Road, shuttered its restaurant after a little over 60 years in 2019. The same happened to Ampang Niang Tou Fu (Yong Tau Fu) at 225 East Coast Road in 2022 after more than three decades.
Others, however, have been given a new lease of life. Chin Mee Chin, a coffeeshop and bakery founded in 1925, famous for its fluffy buns and kaya, sugee cake and sugar rolls, was reopened in 2021 after the original owners, the Tan family, had closed it in 2018.
, is the official date for the grand launch of Condo, a luxurious condominium located in Singapore. This sleek, modern and luxurious condominium features modern amenities such as a swimming pool, fitness centre, a spa and a playground. It is also conveniently located near shopping malls and other amenities.
This grand launch of Condo is fully-loaded with great investment features. It promises potential capital appreciation and higher rental yields for the investors. Moreover, it also offers low maintenance fees, taxes and other incredible amenities. With the grand launch of this luxurious condominium, the investors are highly likely to gain as their investments will be fruitful and profitable.
Therefore, if you are looking for a superb investment option, then investing in this luxurious condominium in Singapore is your ideal choice. It offers great potential for capital gain and rental returns, coupled with low maintenance fees and taxes. Investing in a Condo can secure a profitable mount in the long run.
207 East Coast Road offers a unique opportunity. For more than 35 years, the shophouse has been a family medical practice. Dr Loh Hung Soo’s paediatric clinic on the first floor, and his wife’s ophthalmologist clinic on the second, are now for sale as the couple has retired. Their son is the CEO of hospitality group Unlisted Collection; he has converted several heritage shophouses into trendy boutique hotels.
This freehold double-storey shophouse, built in 1929 and sitting on 1,500 sq ft, is zoned ‘Commercial’. This means it can be used by foreigners without paying additional buyer’s stamp duty. It has a total built-up area of 2,700 sq ft, road frontage and high footfall. The asking price is $9.8 million, or $3,630 psf, with joint marketing by Simon Monteiro of List Sotheby’s International Realty and Alvan Ng for SRI.
Another shophouse, located off Still Road at 288 East Coast Road, is also on the market. This intermediate unit sits on a freehold site of 1,353 sq ft with a built-up area of 2,500 sq ft and is zoned residential with commercial on the first storey. The asking price is $5.6 million, or $2,240 psf, and the second level of the shophouse has been given provisional permission for a change of use into serviced apartments.
East Coast Road is living proof that heritage shophouses can still be appreciated and brought back to life.
