Construction and tenants. This will increase its gross floor area (GFA) to about 1.24 million square feet (sq ft), from the existing 1.05 million square feet sq ft, Perennial Real Estate said.It has also obtained approval to further increase the GFA to 1.55 million sq ft, if the redevelopment integrates hotel and residential use under the CBD Incentive Scheme.Perennial Real Estate's chief executive officer (CEO) Pua Seck Guan noted that the divestment aligns with the company's capital recycling strategy while retaining its involvement to create value via the redevelopment of the prime property.SPH CEO Ng Yat Chung said: "We continue to take a disciplined approach in reviewing our non-core businesses and investments. unobstructed views of Marina Bay, Singapore Strait, CBD, Tanjong Pagar precinct and Chinatown Heritage District, coupled with private lift access, units on the high-zone are expected to command a price of over S$3,000 per sq ft. AXA Tower also presents ample parking spaces for office tenants … Office Property No. Its share of the divestment gain is approximately S$45 million.In a separate filing, SPH said it will receive about S$33.2 million for selling its 5.29 per cent interest in the property, held through its wholly-owned subsidiary PE One.At the same time, the remaining half of shares in PSHPL as well as the other half of the loan will be transferred to a new consortium, named PRE 13, that has been formed with the same investors in the initial PSI consortium.Perennial Real Estate will indirectly own 20 per cent of shares in PRE 13 and an effective 10 per cent stake in AXA Tower.

AXA Tower at 8 Shenton Way is Singapore’s sixth-tallest building Completed in 1986, the 50-storey grade A tower that was once home to the Singaporean prime minister’s office currently houses anchor tenants AXA Insurance, aircraft sales and leasing firm BOC Aviation, and software maker Red Hat Asia Pacific. “Amid ongoing market uncertainty related to the COVID-19 pandemic, technology and e-commerce companies have become essential providers of goods and services across the region. SGP-P-00022R ... • We may use the personal information of tenants or other natural persons you have supplied us with to carry out work such as lease management on your behalf.

In 2015, PE One had forked out $19.3 million to purchase the 5.29 per cent stake in AXA Tower.Both the sale to Alibaba and the share transfer to the new consortium are expected to complete in around June this year, subject to the conditions precedent being satisfied.After that, PRE 13 and Alibaba Singapore will create a joint venture to redevelop AXA Tower.The 50-storey office development with a retail podium is located in Singapore's central business district (CBD).Approval has already been granted to increase the building's gross floor area (GFA) to 1.24 million square feet from 1.05 million sq ft, Perennial Real Estate said.It has also obtained approval to further increase the GFA to 1.55 million sq ft, if the redevelopment integrates hotel and residential use under the CBD Incentive Scheme.Perennial Real Estate chief executive officer (CEO) Pua Seck Guan noted that the divestment aligns with the company's capital recycling strategy while retaining its involvement to create value via the redevelopment of the prime property.SPH CEO Ng Yat Chung said: "We continue to take a disciplined approach in reviewing our non-core businesses and investments. “Alibaba is already an anchor tenant at AXA Tower, and we are pleased to have their support in creating an iconic landmark in Singapore’s CBD.” The deal will see Alibaba Singapore, a subsidiary of Alibaba Group Holding Limited, acquire a 50% interest in the Perennial-led entity, which indirectly owns the 50-storey AXA Tower. The stake in AXA Tower is being viewed as solidifying Alibaba's commitment to the city state. 8 Shenton Way #24-01 AXA Tower Singapore 068811. After that, PRE 13 and Alibaba Singapore will create a joint venture to redevelop AXA Tower. A CONSORTIUM led by Perennial Real Estate will divest a half stake in Grade A office building AXA Tower to Chinese e-commerce giant Alibaba Group's Singapore subsidiary, which is an anchor tenant at the property, before redeveloping it. Meanwhile, the consideration for the loan will be 50 per cent of the principal outstanding as at closing.Singapore Press Holdings (SPH), HPRY Holdings and Piermont Holdings are among the investors in the consortium, which is named Perennial Shenton Investors (PSI).Perennial Real Estate, which indirectly owns an effective 31.2 per cent stake in AXA Tower, said its share of the net proceeds from the transaction will be about S$196.4 million. The media and property group publishes As at 3.09pm on Wednesday, SPH shares were trading at S$1.58, up S$0.07 or 4.6 per cent; while Perennial fell one Singapore cent or 2 per cent to 49.5 cents after its trading halt was lifted.For daily updates on weekdays and specially selected content for the weekend. Subscribe to [BERLIN] Daimler has approved settlements worth US$2.2 billion over emissions cheating software in its diesel...[MEXICO CITY] Mexico's central bank on Thursday reduced its key interest rate for the 10th consecutive time to...[WASHINGTON] White House economic adviser Larry Kudlow on Thursday said the Trump administration is satisfied with...[BENGALURU] Plant-based burger maker Impossible Foods said on Thursday it secured US$200 million in funding, less...[DOHA] Qatar Airways has extended its cabin crews' nightly curfew after some stewards allegedly broke the Gulf...© 2020 SINGAPORE PRESS HOLDINGS LTD. REGN NO.

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