Chevron House in Raffles Place up for grabs

It comprises a 5-storey retail podium and a 27-storey office tower.

Deka Singapore launched Chevron House, its prime Raffles Place office and retail asset, for sale today, and the deadline of bids will be on 14 September 2017.

Chevron House, completed in 1993, is a 32-storey commercial building in a 29,891-sqft. site that has direct access to Raffles Place MRT station.

Chevron House has a total occupancy rate of 98%. The office tower has a net leasable area (NLA) of 215,667 sqft, whilst the 5-storey retail podium has 45,613 sqft.

Chevron House will undergo AEI of its office common areas and an unused floor area of 14,950 sqft.

CBRE executive director capital markets Jeremy Lake said, “Sentiment towards the office investment market has improved significantly in the last six to nine months and there are now more buyers than sellers. The fear around the 'office oversupply' situation has evaporated and most investors are expecting rental growth to return in 2018 and beyond."

CBRE is expecting $700m in excess, with a price of $2,700 psf on the total NLA of 261,280 sqft.