TE Capital-LaSalle JV completes purchase of VisionCrest Commercial, to carry out enhancements
Terence Teo, managing supervisor of TE Capital Partners, assumes the procurement will definitely capitalise on the strength of the Singapore office market and the continued rejuvenation of the Orchard Roadway district. “By means of the improvements to the real estate, we are committed to providing lasting profits to all our stakeholders,” he adds.
Post-completion, TEC holds a 29.9% stake in the asset, whilst LaSalle Investment Management holds 50.1%. Singapore-listed Metro Holdings possesses the remaining 20% risk in the property via its collaboration with a partner of TEC.
The improvement jobs will certainly feature inner and exterior facelifts and enhancements to the establishment’s safety and guest administration systems. Electric-vehicle chargers, panels, improved bicycle spots and upgraded end-of-trip facilities will also be mounted.
“We think the property, which sits in the Orchard Road precinct with a traditionally minimal supply of high-specification office buildings, will enjoy solid capital value conservation and remain to observe strong tenant need,” states Emilia Teo, managing director of TE Capital Partners.
VisonCrest Commercial, an 11-storey Grade-An office building at 103 Penang Roadway, was obtained by a joint project between TEC and a fund taken care of by LaSalle Investment Management for around $450 million, with the offer first revealed last November.
TE Capital Partners (TEC) and LaSalle Investment Management have already done the purchase of VisionCrest Commercial, according to a Jan 29 press release. The joint-venture partners also released that the development is going to undertake enhancement works to boost its layout, innovation and sustainability.