CapitaLand Integrated Commercial Trust (CICT) has completed the divestment of 21 Collyer Quay, an office building in Raffles Place, for $688 million. In a filing to the Singapore Exchange on Nov 12, CICT’s manager says the 999-year leasehold building was sold to an unrelated third party. Based on the building’s net lettable area of about 213,000 sq ft, the price works out to $3,230 psf.
The sale price was arrived on a willing-buyer-willing-seller basis, in line with an independent valuation of the property conducted by Savills. Based on the consideration and the building’s annualised net property income for the period ended Sept 30, 2024, CICT’s exit yield is below 3.5%. Net proceeds from the divestment are anticipated to be around $681.7 million.
21 Collyer Quay is a 21-storey building located in the CBD. It is currently entirely occupied by co-working operator WeWork, who took over the lease of the former HSBC building in 2021 after the banking firm moved its headquarters to Marina Bay Financial Centre Tower 2. Following a design and fit-out of the space, WeWork officially opened its flagship location at the building in September 2022.
After WeWork filed for bankruptcy in the US in November 2023, the company announced in April this year that it had concluded a series of lease negotiations with its Singapore office landlords and that it plans to remain in its current buildings in the city-state for the foreseeable future. CICT’s website notes that WeWork Singapore has a seven-year lease for 21 Collyer Quay until 2028.
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