Joint venture to redevelop former CPF Building in $1b project

Ascendas-Singbridge Group has entered into a joint venture for the 79 Robinson Road project with Mitsui & Co and Tokyo Tatemono, as represented by (from left) Mr Nishimura, Mr Ko and Mr Tanehashi.
Ascendas-Singbridge Group has entered into a joint venture for the 79 Robinson Road project with Mitsui & Co and Tokyo Tatemono, as represented by (from left) Mr Nishimura, Mr Ko and Mr Tanehashi.PHOTO: ASCENDAS-SINGBRIDGE

The former CPF Building at 79 Robinson Road is about to be redeveloped for about $1 billion.

Urban solutions provider Ascendas-Singbridge Group has entered into a joint venture for the project with trading company Mitsui & Co and real estate developer Tokyo Tatemono Co.

It bought the site via a tender late last year for $550 million.

Ascendas-Singbridge will hold a 65 per cent stake while a consortium formed by Mitsui and Tokyo Tatemono will hold the other 35 per cent stake in the joint venture company which will own, develop and manage the project.

The new development will have more than 500,000 sq ft of Grade A office space.

"We are excited to undertake our first Grade-A office project in Singapore's Central Business District," Mr Miguel Ko, group chief executive of Ascendas-Singbridge, said in a statement.

"Leveraging the strength and network of the combined entity, we look forward to creating an iconic landmark in the prime CBD location," he added.

Mr Itaru Nishimura, managing officer and chief operating officer of Mitsui & Co, added that its past experience collaborating with Ascendas-Singbridge on projects, including Galaxis at one-north, has been "very seamless".

For Tokyo Tatemono, the building is its first joint-venture project in Singapore.

"As a leading real estate developer in Japan, we expect to share much of our technical expertise and experience in commercial office development and management with the market in Singapore," said Mr Makio Tanehashi, the firm's senior executive managing director.

79 Robinson Road will have modern work spaces to cater to firms in information technology, communications and media, banking, finance and insurance as well as those in professional and business services, Ascendas-Singbridge said yesterday.

"The new development is expected to accommodate the evolving workspace needs of local and international businesses, as well as that of a growing millennial workforce," it added.

The existing building will be decommissioned and development works will start in the second quarter of next year. Construction is expected to be completed by 2020.

A version of this article appeared in the print edition of The Straits Times on October 05, 2016, with the headline 'Joint venture to redevelop former CPF Building in $1b project'. Print Edition | Subscribe