Cushman & Wakefield (NYSE: CWK) and Savills (NYSE: Savills) are pleased to announce that Hwa Hong Corporation Limited, represented by Cushman & Wakefield and Savills, has successfully completed the sale of OneTen Paya Lebar, a rare freehold city fringe data center located in Paya Lebar.
The property is a hi-tech industrial building located at the city fringe with a total gross floor area of approximately 155,503 sqft over eight floors. It recently underwent a significant asset enhancement exercise in 2021. The asset is fully occupied by a data centre operator and benefits from the favourable outlook of the Singapore data centre market.
In addition, the rare freehold tenure of the property presents an attractive land banking opportunity for steady capital appreciation in future redevelopment. Coupled with its strategic location in the heart of Paya Lebar, OneTen Paya Lebar is poised to benefit from the regeneration and transformation arising from the relocation of Paya Lebar Air Base in 2030.
Ong Eng Yaw, Group Managing Director of Hwa Hong Corporation Limited comments “The site has been owned by the Hwa Hong for over 35 years and has witnessed our evolution from our manufacturing and logistics roots to an international property investor. This transaction represents a natural culmination of our relationship with BDx and we are pleased to see the site continue to add value to its new owners.”.
Ms. Brenda Ong, Executive Director, Logistics & Industrial Markets at Cushman & Wakefield, says,
“The outlook for Singapore data centres is promising, with demand to grow with increasing business digitalisation and connectivity while the market remains very tight with the colocation vacancy rate at 1%, the tightest in Asia Pacific. Properties like this are highly sought after due to their scarcity and strategic importance in meeting the evolving needs of businesses in the digital age.”
Mr. Jeremy Lake, Managing Director, Investment Sales & Capital Markets, Savills Singapore comments, “The sale is a testament to the strong demand for high-quality data centre assets in Singapore. While the moratorium on new data centres has been lifted, supply remains tight with strict regulations ensuring that only the best-in-class data centres are set up in Singapore. This will continue to accumulate pent-up data centre demand in Singapore where investors and operators alike compete to strengthen their position in the data infrastructure market.”
For more information, please visit Cushman & Wakefield Singapore's Logistics and Industrial Services page or Savills Singapore Investment Sales & Capital Markets
About Savills
For over 160 years, Savills has been helping people thrive through place and spaces. Listed on the London Stock Exchange, we have more than 40,000 professionals collaborating across over 70 countries, delivering unrivalled coverage and expertise to the world of commercial and prime residential real estate. By applying world research data and trends to local and global settings, we’re able to empower our clients with insights from the forefront of the industry – bringing their aspirations to life through innovative, tailor-made solutions. Whether we are working with a global corporate looking to expand, an investor seeking to sustainably optimise their portfolio, or a family trying to find a new home, we help our clients make better property decisions. Savills Singapore puts our clients at the forefront of everything we do. And that has led us to where we are today – an award-winning real estate services provider in the Asia Pacific region. We strive to be visionaries in better crafting astute property decisions for individuals, businesses and investors. We believe that our clients' achievements are a testament to our value-based expertise, and commitment to delivering premium service.
Our team of professionals, with their deep knowledge of specialist property sectors, is dedicated to providing tailored solutions that align with our clients' objectives. We take pride in the comprehensive range of services we offer: transactional advice in investment, industrial, commercial, residential, retail, project management, research and consultancy, property and facilities management and valuation. Unwavering in our focus to deliver innovative solutions, excellent customer service, and build long-term relationships with our clients, we constantly adapt to meet the evolving needs of our clients. We remain committed to their success and strive to exceed their expectations in every interaction.
For more information about Savills Singapore, visit our website at www.savills.com.sg
