CPF Building sold for $550m to Ascendas Land subsidiary

The tender drew three bids.

The Central Provident Fund Board has awarded the public tender for the sale of the CPF Building to Southernwood Property, a company which is wholly-owned by Ascendas Land.

Southernwood Property submitted a bid of $550 million for the property, besting two other bidders. The second-highest bid of $538.23m was submitted by Leapford, which is wholly owned by Pacific Century Regional Developments. The smallest bid of $280m was tabled by OUE Reef Development, which is jointly owned by OUE Limited, Haiyi Holdings and SingHaiyi Group.

The CPF Board said in a statement that apart from submitting the highest bid, Southernwood Property Pte Ltd also met all tender criteria, including the strength of their financial standing and purchase conditions such as the assignment of tenancies to the new owner.

The public tender closed on October 28. Since November 23, the corporate operations of the CPF Board have been relocating in phases to Novena Square Towers A and B.

“The relocation is a strategic move to free up prime office space in the Central Business District for higher-value uses,” the statement said.