ARA and Chelsfield Asia jointly acquire building in Singapore

ARA Asset Management, via one of its private real estate funds, and Chelsfield Asia, part of the international property group Chelsfield, via its Chelsfield Asia Fund 1, have acquired 51 Bras Basah Road in Singapore in a 50-50 joint venture.

Located in the Civic District, the BCA Green Mark Platinum-certified 11-story commercial building provides amenities including food and beverage offerings, two adjoining MRT stations on the Downtown and Circle lines, and a wide selection of surrounding hotels and established shopping belts.

Totaling more than 241,000 square feet in office and retail space, the property comprises a groundfloor retail podium and average floorplates of 23,000 square feet. The buyers believe this will be a distinctive competitive advantage over other office buildings in the submarket.

“51 Bras Basah Road is a prominent building in the Civic District in Singapore. Connected to two MRT stations and in close proximity to the CBD, the property is