What's New In Investments, Funds? - ARA, Singapore

Editorial Staff

3 January 2020

ARA Asset Management
Singapore-based has completed its purchase of one of the Asian city-state’s more prominent buildings, the Robinson Centre, via one of its private real estate funds.

The property, which is sited at 61 Robinson Road, comprises 20 storeys and is in the city’s central business district.

The financial size of the transaction was not disclosed in ARA’s statement, issued on 30 December, 2019.

ARA is confident of the building’s investment potential, citing figures from Colliers International showing that Singapore CBD Grade A rents grew by 5.4 per cent in the first half of 2019. A healthy office rental market and redevelopment potential should underpin a 10 per cent average annual growth over 2018-2021.

“The transaction presents a rare acquisition opportunity in a mature office district with short supply of office space and limited pipeline,” it said.

The Robinson Centre acquisition was ARA’s 12th asset acquisition in 2019, following 51 Bras Basah Road in Singapore, Seoul Square in South Korea, 133 Mary Street, 55 Currie Street, 182-198 Maidstone Street and 21 Harris Street in Australia, The Atrium and Sanlin InCity in China and three Marriott-branded select-service hotels in the US via its various REITs and private real estate funds.

Excluding the Robinson Centre, ARA’s portfolio in Singapore totalled in excess of S$12 billion ($8.9 billion) as at 30 September 2019.