Investment Portfolio
Suntec City
One Raffles Quay
MBFC Properties
9 Penang Road
177 Pacific Highway
Southgate Complex
Olderfleet, 477 Collins Street
As at 31 December 2017
Location 40 and 60 City Road, 3 Southbank Avenue, Southbank, Melbourne, VIC 3006, Australia
Title Freehold
Total Net Lettable Area 818,926 sq ft
Net Lettable Area 204,732 sq ft1
Office: 178,236 sq ft
Retail: 26,496 sq ft
Number of tenants (actual) 88
Car Park Lots 1,026
Purchase Price S$153.4 million2
Market Valuation S$173.9 million1,3
(31 December 2016:
S$160.4 million3)
Net Income Contribution S$7.3 million 4
(2016: S$1.9 million5,6)
Committed Occupancy 90.8%
(31 December 2016: 86.5%)
  1. Reflects 25.0% interest.
  2. Based on an exchange rate of A$1.00 = S$1.0615 being the exchange rate at the time of acquisition.
  3. Based on an exchange rate of A$1.00 = S$1.0441 as at 31 December 2017 and 31 December 2016.
  4. Based on an exchange rate of A$1.00 = S$1.0201
  5. Based on an exchange rate of A$1.00 = S$1.0267
  6. Based on the net income contribution received following the completion of the acquisition on 4 November 2016.
Southgate Complex is a freehold, landmark waterfront integrated development located alongside the Yarra River in the Southbank arts and leisure precinct of Melbourne, Australia.

Southgate Complex comprises two A-Grade office towers, the 30-storey “IBM Centre”, the 25-storey “The Herald and Weekly Times Tower”, a 3-storey retail podium and a car park with 1,026 lots. In FY 2017, the office proposition for Southgate Complex was also strengthened. Office refurbishments works for nine floors which amounted to approximately 113,000 sq ft of net lettable area was completed. Southgate Complex is directly opposite Flinders Street train station and within close proximity to Melbourne’s city rail loop. It is also surrounded by business, residential, recreational and retail amenities.

Southgate Complex has a premier tenant base with major office tenants including APT Management Services, City Road Melbourne, Government of Australia, IBM Australia and The Herald and Weekly Times.

On 31 May 2018, Suntec REIT completed the acquisition of an additional 25.0% interest in Southgate Complex. Suntec REIT now owns 50.0% interest in Southgate Complex with the remaining 50.0% interest own by PIP Trust.

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