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CPF Building along Robinson Road sold for S$550 million

SINGAPORE — The landmark Central Provident Fund (CPF) Building at 79 Robinson Road has been sold in a public tender for S$550 million, the CPF board said yesterday (Nov 26), but it added it will continue to serve the public on the premises until further notice.

The CPF Building along Robinson Road. TODAY file photo

The CPF Building along Robinson Road. TODAY file photo

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SINGAPORE — The landmark Central Provident Fund (CPF) Building at 79 Robinson Road has been sold in a public tender for S$550 million, the CPF board said yesterday (Nov 26), but it added it will continue to serve the public on the premises until further notice.

Southernwood Property, wholly owned by business, industrial and technology park developer Ascendas Land, beat two other competitors in the tender that closed on Oct 28. Its bid of S$550 million was the highest and ­exceeded the S$450 million analysts had expected the building to fetch.

“Southernwood Property 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,” said the CPF Board yesterday.

Coming in second place was Leapford, a company wholly owned by ­Pacific Century Regional ­Developments, which placed a bid of S$538.28 million. That was followed by a bid of S$280 million put in by OUE Reef Development, which is jointly owned by OUE, Haiyi Holdings and SingHaiyi Group.

The landmark building, which was built in the 1970s, was put up for sale after the CPF board signed a long-term lease agreement to rent space at Novena Square Tower A and B for its operations. The board, which has ­occupied most of the building for the past four decades, said its corporate operations have been relocating in phases since Monday.

However, the CPF Service Centre will continue to operate from Robinson Road for now. The customer hotline, 1800 227 1188, as well as email addresses member [at] cpf.gov.sg and employer [at] cpf.gov.sg are unchanged.

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

The building is on an approximately 47,056sqft site, with a current net lettable area of about 324,000sqft. Based on the 2014 Master Plan, the site is earmarked for commercial uses with a plot ratio of 12.88, and a height restriction of 50 storeys. This translates to a potential gross floor area (GFA) of over 600,000sqft — 24 per cent more than the existing GFA.

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