Korea investor buys Singapore office for $327m

Singapore-listed Frasers Property has agreed to sell a 50 percent stake in its namesake office building in Singapore for S$442.7 million ($327.4 million).

The new owner of the Frasers Tower is Korea’s National Pension Service (NPS), according to sources familiar with the deal who spoke with Mingtiandi.

Frasers Tower is a 38-story premium class A office development with an adjacent three-story cascading retail podium situated at the gateway to Singapore’s core central business district. Completed in May 2018, the property has a total net lettable area of approximately 685,000 square feet, of which around 93 percent is leased to a diversified base of tenants as at March 2019.