NOL Building sold for S$380m
by Cheryl Tay
The 26-storey NOL Building (pictured) at 456 Alexandra Road has been successfully sold to Fragrance Group's Fragrance Regal Pte Ltd for S$380 million (S$1,831 psf), according to marketing agent Jones Lang LaSalle (JLL).
Completed in 1983, the freehold property in the Alexandra precinct offers a site area of 108,060 sq ft and is zoned commercial, with a permitted plot ratio of 2.80.
Currently, the building serves as the headquarters of the NOL group of companies. NOL is expected to take a short term leaseback of the building, scheduled to end on June 2014.
"The response to the sale process from potential bidders was particularly strong and reflected interests from both developers and institutional buyers. The robust bidding process and keen interests from prospective buyers reflected the unique offering," noted Anthony Barr, National Director of Investment Sales at JLL.
Barr added that the property is a rare acquisition and the largest sale of a decentralised single commercial asset in 2012.
"Ownership of commercial sites in the Alexandra precinct are highly concentrated. The opportunity to acquire such a site is limited and bidding enquiry reflected this," he added.
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