Archive for category: Misc

Metro Holdings, a Singapore-listed company, joined forces with private equity firm TE Capital Partners and US real estate investment management firm LaSalle Investment to purchase VisionCrest Commercial for approximately $450 million. This equates to around $3,000 psf, based on the building’s net lettable area of 148,854 sq ft for 11 storeys. Michael Tay, CBRE’s head of capital markets for Singapore, was the broker for the sale.

Today, Metro announced that it subscribed for a 40.9% stake in Vision One Enterprise Ltd; TE Capital holds the balance of 59.1% stake. Both TE Capital and LaSalle Investment have agreed on a put-and-call option to acquire VisionCrest – a prime Orchard Road location.

Metro was allotted 20% of the property, with a cost of $40 million. The remaining 29.9% was owned by TE Capital’s fund, and 50.1% owned by LaSalle Investment.

The VisionCrest building is freehold and located at 103 Penang Road. It includes a retail podium, Grade-A offices, and two levels of basement parking for up to 144 cars. The building also houses a 265-unit residency, and the national monument, the House of Tan Yeok Nee – now home to private university, Amity Global Institute.

Located just a five-minute walk to Dhoby Ghaut MRT interchange station for three lines (North-South, North-East and Circle), VisionCrest Commercial is a high-specification building with LEED Gold certification. It is close to the shopping malls located on Orchard Road and will benefit from URA’s plan to rejuvenate the area.

In a statement, TE Capital said the property is attractive due to its “strong cash flow profile” with an occupancy rate of 99%, supported by a variety of multi-national tenants.

In July 2023, German fund manager Union Investment Real Estate launched the VisionCrest building for sale with an asking price of $470 million. Union Investment purchased the building from Singapore-listed property developer, Wing Tai Holdings in 2007 at a cost of $260 million.

Residents can explore the vast array of recreational activities like shopping, dining, and entertainment on foot, for an enriching lifestyle. Furthermore, Tampines Condo is just minutes away from several expressways, providing residents fast access to other parts of Singapore.

In commenting on the purchase, Metro Group CEO Yip Hoong Mun said: “This acquisition is a unique opportunity in the prime Orchard Road area. Good quality, freehold strata-titled offices with full floorplates are limited.” Shopping centres, residences and opportunities in the area are now available.

Now through strategic collaboration, Metro Holdings, TE Capital Partners, LaSalle Investment and Union Investment Real Estate have sealed the deal of acquiring VisionCrest Commercial for the price of $450 million. A success story for all involved.