Perennial Real Estate Holdings has sold its remaining 30 percent stake in 111 Somerset, Singapore, to the existing 70 percent shareholder of PSIPL, Simply Swift, a wholly owned subsidiary of Shun Tak Holdings, for S$155.1 million ($108.65 million).
The property is a 17-story commercial landmark development situated at 111 Somerset Road, Singapore, with a gross floor area of approximately 766,550 square feet.
The impact of the COVID-19 outbreak on class A office rents in Singapore’s central business district was not as apparent in first quarter 2020, as average rents remained firm at S$10.09 ($7.12) per square foot. Colliers does not expect a major change in rents this year, and the firm forecasts rents to decline by 4 percent in 2021, in view of slower demand and higher supply in 2022.
Vacancy tightened to 3.1 percent, as technology, media and telecommunications occupiers, an
