Proposed acquisition · Tanjong Pagar
Keppel REIT Proposes 51% Acquisition of Keppel South Central
Keppel REIT has entered into a conditional agreement to acquire a 51% interest in Keppel South Central at 10 Hoe Chiang Road. This remains a proposed acquisition.
- Proposed interest
- 51%
- Committed occupancy · 30 September
- 48.8%
- Including leases under documentation
- 52.7%
- Average rent on those leases
- Approximately S$11.30 psf / month
Read the full story
The 20 October presentation distinguishes S$610.9 million purchase consideration from the S$626.2 million agreed property value attributable to the 51% interest on a 70-year leasehold basis.
Reading the leasing figures correctly
At 30 September, committed occupancy was 48.8%. Including leases under documentation brings the figure to 52.7%. These leases averaged approximately S$11.30 psf per month, largely on the lower-to-mid floors. This is a reported leasing average, not an advertised asking rent.
The announcement gives a later update of approximately 60% as at 15 October, including leases under documentation.
What should tenants compare?
- The actual floor, usable layout and quoted lease terms.
- Fit-out, reinstatement, deposits and other charges.
- Move-in timing and any agreed incentives.
