Investment Portfolio
Overview
Suntec City
One Raffles Quay
MBFC Properties
9 Penang Road
177 Pacific Highway
Southgate Complex
Olderfleet, 477 Collins Street
Volume:
2,952,500
High:
1.900
Low:
1.880
Change:
+0.010
Last:
1.890
9 Penang Road is a new Grade A commercial building which is undertaken through a joint venture with Haiyi Holdings Pte Ltd, Singhaiyi Group Ltd and Suntec Real Estate Investment Trust, with an interest of 35.0%, 35.0% and 30.0% respectively. The new ten-storey building consists of two wings with an approximate net lettable area of 352,000 sq ft of office space across eight floors and 15,000 sq ft of retail space at the first level. In line with the Urban Redevelopment Authority’s Walking and Cycling Plan, a cycling path and end-of-trip facilities will be provided in this development. The lease tenure of the land was also extended to a fresh 99 years.

The development is situated at the former Park Mall site which the Manger divested in December 2015 as part of its proactive portfolio management strategy. The premise was taken back in end September 2016 and development works for 9 Penang Road commenced on 1 December 2016 and is currently undergoing construction works.

As at end December 2017, the construction works was approximately 19% completed. The development is estimated to cost approximately S$800 million and the building is scheduled to complete by end 2019.

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