Acted for a joint venture of TE Capital Partners, and LaSalle Investment to acquire all 21 strata lots at Visioncrest Commercial at 103 Penang Road for about S$450 million. It is believed that this is Singapore’s largest office deal of 2023.
VisionCrest Commercial is an 11-storey, freehold commercial building with a retail podium on the ground floor, Grade-A office space on the upper floors, and two levels of basement parking for up to 144 cars. The Property is part of a development which also comprises Visioncrest Residential and the House of Tan Yeok Nee. Located near Dhoby Ghaut MRT station, VisionCrest Commercial is one of the few high-end office buildings in Singapore’s city centre with approval for strata title sales, after the Urban Redevelopment Authority restricted new strata office developments in the urban core in 2022. The development will undergo enhancement works to boost its design, technology and sustainability, including internal and external facelifts and improvements to the building’s security and visitor management systems. Electric-vehicle chargers, solar panels, upgraded bicycle spaces and upgraded end-of-trip facilities will also be installed.
Senior Partner Norman Ho, Senior Associate Calvin Lim, and Associate Xu Yuhan acted in the acquisition. Partner Cindy Quek acted in the financing.
