Daily Briefing: WeWork to take over lease of HSBC building in Collyer Quay;Travelstop secures $4.08m in pre-series A funding

And residential development Sophia View marked as the first en bloc sale in 2019.

From Channel News Asia:

Coworking space provider WeWork is set to take over the lease of the 21-storey HSBC building in Collyer Quay, marking an expansion by the US firm in Asia.

WeWork, backed by Japan's SoftBank Group, will lease the building from CapitaLand Commercial Trust (CCT), the Singaporean office landlord said in a statement on Wednesday (Jul 17).

The tower, 21 Collyer Quay, will be WeWork's biggest property in the Southeast Asian nation and has a net lettable area of about 200,000 sqft. It is currently valued at $462.2 million.

CCT said its lease deal with Hongkong and Shanghai Banking Corp, a unit of HSBC Holdings, will end in April 2020. WeWork's lease will start in the second quarter of 2021 for seven years.

Read more here.

From DealStreetAsia:

Travelstop, a Singapore-based business travel and expense management startup, has raised $4.08m (US$3m) in a pre-Series A funding round led by Silicon Valley-based venture capital firm Accel. 

The round was also joined by Strive (formerly GREE Ventures) and existing investor, SeedPlus. Accel partner Prashanth Prakash will join Travelstop’s board of directors following the transaction.

Founded in 2018, Travelstop uses machine learning and artificial intelligence (AI) to customise experiences for business travellers. Its platform allows users to make multiple bookings, record travel expenses, and invoice billing so employers and travel managers can manage business travel and expenses quickly and efficiently.

Read more here. 

From PropertyGuru:

Sophia View, a five-unit residential development in District 9, was sold to a private investor, making it this year’s first residential collective sale.

Whilst marketing agent SRI refused to reveal the exact purchase price for the property, it shared that each unit will receive around $2m.

Located at 108 Sophia Road, Sophia View is nestled on a site zoned residential with a plot ratio of 2.1.

SRI co-founder and managing director Bruce Lye said the buyer is acquiring the property in his own name, whilst “keeping his options open.” The buyer will evaluate later whether to redevelop the site or apply for potential change of use.

Read more here.