Singapore's competitiveness remains as strong as ever. This is very obvious when Global
investment management firm BlackRock managed to sell prime office building Asia
Square Tower 1 for $3.4 billion to Qatar's sovereign wealth fund. It is the largest ever single-tower
sale in Asia Pacific.
The 43-storey building was bought by the
Qatar Investment Authority (QIA). Current tenants of Asia Square Tower 1
include financial services companies Citibank and Julius Baer as well
as insurance firm Marsh & McLennan.
"Asia Square is one of the
most prestigious commercial developments in the region and represents a
rare opportunity to acquire a premium, highly sought-after property in
one of Asia's most important business and financial centres," said
Stuart Crow, Head of Asia Pacific Capital Markets, JLL.
This sale is a true testament of Singapore's outstanding position as the financial hub of the region. Surrounding property may well witness an appreciation of values following this remarkable deal.
This sale is a true testament of Singapore's outstanding position as the financial hub of the region. Surrounding property may well witness an appreciation of values following this remarkable deal.
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