Keppel REIT pays $657m for Singapore tower

Keppel REIT has entered into a conditional sale and purchase agreement to acquire a 100 percent stake in Keppel Bay Tower from Keppel Land.

The agreement was negotiated on a willing-buyer willing-seller basis, at an agreed property value of $657.2 million.

Keppel Bay Tower is a class A office building located in the Keppel Bay waterfront precinct in the HarbourFront area in Singapore. Completed in 2002, Keppel Bay Tower has a total net lettable area of about 386,600 square feet and comprises an 18-story tower block and a six-story podium block. Asset enhancement works, including the refurbishment of the office lobby with modern fittings and quality finishes, were completed in 2019. Keppel Bay Tower is strategically located in the world-class Keppel Bay waterfront precinct and is part of Singapore’s Greater Southern Waterfront, which will be transformed into a new major gateway and location for urban living along Singapore’s southern coast.

Keppel Bay Tower i