One Finlayson Green changes hands for S$227m

One Finlayson Green, a freehold office tower in Raffles Place, has been sold for S$227 million, or about S$2,520 psf.

The building, which has a total net lettable area (NLA) of 89,950 sq ft, was sold through a private agreement between Singapore-based Lucrum Capital and a group of investors under a British Virgin Islands vehicle company.

"The buyer intends to keep the building for long-term investment," said Ms. Stella Hoh, National Director and Head of Investments at Jones Lang LaSalle (JLL), which brokered the deal along with Colliers International (North Asia).

Lucrum Capital acquired the 19-storey building from UK-based property fund group Develica for S$145 million in March 2010 but after taking into account fees and other expenses, the final cost of the property was between S$155 million and S$157 million.

Developed in 1994, One Finlayson Green comprises a retail unit on the first floor and AIA on the second floor. The expression of interest exercise for the property was launched last year and attracted several buyers keen on purchasing the entire property, as well as strata-titled units in the building.

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