CICT sells 21 Collyer Quay for S$688 million after failing to find buyer at S$850 million

JCube Capital reportedly acquires 21 Collyer Quay at S$688 million

CICT has sold 21 Collyer Quay to JCube Capital for S$688 million. The sale price is lower than the S$850 million that CICT was reportedly expecting to get for the property. CBRE was the marketing agent for the sale.

CICT had hoped to get a higher price for 21 Collyer Quay

CICT had reportedly hoped to get S$850 million for the property, but was unable to find a buyer willing to pay that price. The sale price of S$688 million is still a healthy profit for CICT, which acquired the property for S$450 million in 2017.

21 Collyer Quay is a prime office building in the heart of Singapore's Central Business District

21 Collyer Quay is a 28-story office building located in the heart of Singapore's Central Business District. The building has a total gross floor area of 505,000 square feet and is currently fully leased to a mix of tenants. The building is also close to several MRT stations, making it convenient for tenants to get to and from work.

JCube Capital is a real estate investment firm based in Singapore

JCube Capital is a real estate investment firm based in Singapore. The firm focuses on investing in commercial properties in Singapore and the region. JCube Capital is a subsidiary of JCube Group, a Singapore-based property developer.

The sale of 21 Collyer Quay is a sign of the strength of the Singapore office market

The sale of 21 Collyer Quay is a sign of the strength of the Singapore office market. Despite the economic uncertainty caused by the COVID-19 pandemic, demand for office space in Singapore remains strong. This is due to the city-state's strong economic fundamentals and its position as a regional business hub.