Owners of One Raffles Place, a prominent office and retail complex in Singapore’s Central Business District, have collectively engaged CBRE and JLL as joint marketing agents to explore a potential sale of the property, according to sources familiar with the matter.
The indicative pricing for a 100 percent stake in the asset is expected to range between S$2.3 billion and S$2.4 billion. The move comes as property investment sentiment improves, bolstered by expectations of lower interest rates.
One Raffles Place is strategically located at 5 Raffles Place, directly above and connected to the Raffles Place MRT station, a key interchange serving both the North-South Line and the East-West Line. The station saw an average of 61,098 commuters per day in August 2023, according to transport data.
The building’s location provides direct access to the Raffles Place MRT station at Basement 1, facilitating connectivity for tenants and visitors. The station itself is an underground structure, originally opened in December 1987, and serves landmarks including The Fullerton Hotel, Merlion Park, and the Asian Civilisations Museum.
Formerly known as Central, the station underwent construction that required the temporary draining of the Singapore River. The area surrounding Raffles Place has evolved from low-rise mercantile buildings to the site of some of Singapore’s tallest office towers.
Raffles Place Park, situated above the MRT station, provides a green space within the city landscape. A network of pedestrian underpasses connects the station to surrounding developments, including the Marina Bay Link Mall, which extends to the Downtown station.
