Ascendas-Singbridge to partner Mitsui and Tokyo Tatemono consortium to redevelop former CPF building

SINGAPORE (Oct 4): The former CPF building at 79 Robinson Road is to be redeveloped into a Grade A office building by a joint venture between Ascendas-Singbridge and a Japanese consortium comprising Mitsui and Co and Tokyo Tatemono.

Ascendas-Singbridge, which acquired the property with a winning bid of $550 million, will hold 65% while the Japanese consortium will hold 35% in the joint venture company, Southernwood Property, which will own, develop and manage the project.

The 4,371 sqm site has a potential gross floor area of 57,400 sqm and the new development will have over 500,000 sf of Grade-A office space, with development costs pegged at $1 billion, according to Ascendas-Singbridge.

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