Afro-Asia Shipping and Shimizu to jointly redevelop Afro-Asia Building
A joint venture company formed by Afro-Asia Shipping (AAS) and Shimizu Corp Investment and Development Division is set to redevelop the Afro-Asia Building. The total project is estimated to cost more than $320 million, which the JV intends to fund through loans from financial institutions. Cushman & Wakefield’s Capital Markets team is adviser for the transaction.
Situated 120m from the upcoming Shenton Way MRT station, the new development will house a 19-storey Grade-A office building with an estimated GFA of 181,996 sq ft. Offices will be housed on the seventh to 18th floors, while the ground level will house an F&B component. The development, expected to be completed in mid-2020, will also have panoramic views of the CBD skyline.
AAS will transfer lease rights of the existing building to the JV, named Robinson Development, and retain a controlling interest in the JV. Its partner, Shimizu, will carry out demolition of the 60-year-old building currently located at the site in November. Construction is set to start next April.
Source: Cushman & Wakefield
Redevelopment of the existing Afro-Asia Building is expected to cost $320 million
Source: Cushman & Wakefield
Artist's impression of the new development at Robinson Road, which is set to house a Grade-A office building with an estimated GFA of 181,996 sq ft
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