Latest news with #PGIMRealEstate
Business Times
2 days ago
- Business
- Business Times
Kwan Im Thong Hood Cho Temple buys three floors in Robinson Road for S$55.8 million
[SINGAPORE] The top two levels of the 12-storey freehold office building at 108 Robinson Road as well as its eighth floor, are being sold for S$55.8 million. The total strata area is about 14,252 square feet (sq ft). Last month, an option to purchase the three office floors was granted to and exercised by four trustees of Kwan Im Thong Hood Cho Temple. This is a charitable organisation that provides a place of worship on Waterloo Street for Buddhists; it also makes donations to various worthy causes as determined by the trustees, according to Level 12 of 108 Robinson Road has fetched S$18.7 million, which works out to S$3,950 per square foot (psf) on the strata area of 4,736 sq ft. Levels 11 and 8, with a strata area of 4,758 sq ft each, are being sold at S$3,921 psf and S$3,875 psf, respectively. The absolute price for level 11 is S$18.66 million and that for level 8, S$18.4 million. The three levels are being sold by PGIM Real Estate (PGIM RE), which began strata sales in 108 Robinson Road last year, after an extensive revamp of the asset in mid-2023. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up PGIM RE acquired the property, formerly known as Finexis Building, in April 2021 for US$107 million as part of its expansion plans into Asia. PGIM RE is the real estate investment arm of PGIM, the global asset management business of US-based Prudential Financial. The building, located in Singapore's central business district, comprises a retail podium on the first two levels, and office floors from levels 3 to 12. The building is subdivided into 11 strata units. Offices on Levels 3 to 12 have one strata title per floor. Most of these 10 office floors have a strata area of 4,700-plus sq ft each, but Levels 3 and 4 are slightly smaller, at 4,349 sq ft and 4,628 sq ft, respectively. With the recent sale of levels 8, 11 and 12, all that is left in the building are the 6,727 sq ft duplex retail unit on the first two levels and the office floor on level 3. The building does not have any car park, but is located near three MRT stations: Telok Ayer, Shenton Way and Tanjong Pagar. On Apr 25, the Urban Redevelopment Authority released data showing that its price index of office space in Singapore's central region dipped 0.2 per cent quarter on quarter in Q1 2025, after having slipped 0.7 per cent in the fourth quarter of 2024. For the whole of 2024, the price index appreciated by 1.8 per cent. In early May, The Business Times reported that the late tycoon SP Tao's family is selling its space on the top two levels of the 29-storey SGX Centre 2 in Shenton Way for a total of S$39.5 million. This works out to about S$2,629 psf for the total strata area of about 15,026 sq ft. SGX Centre – comprising a two-tower 29-storey office building and podium – is on a site with 99-year leasehold tenure from November 1995, leaving about 69.5 years on its lease. The sale of the Tao family's space involves two transactions at SGX Centre 2. The whole of level 29, nearly 10,215 sq ft, is changing hands at S$26.85 million; about 4,811 sq ft on part of level 28 has fetched S$12.65 million.
Chicago Tribune
29-05-2025
- Business
- Chicago Tribune
Developer secures financing for new Fulton Market tower, a rare event amid economic anxiety
Developer Vista Property said Wednesday that the company is about to break ground on a massive apartment tower in the West Loop's Fulton Market, a rare event ever since soaring costs made many investors leery about supporting such projects. A tower crane will soon appear at 370 N. Morgan St., the site of the old single-story Fox Deluxe Foods building, where New York-based Vista plans to complete by 2027 a 31-story, mixed-use residential tower with a total of 494 units, including nearly 100 affordable homes. The building was green lit by the Chicago Plan Commission in 2023, but high interest rates and inflation delayed it and many other approved developments. Vista said it secured a $151 million construction loan from CIBC Bank USA and $22 million in private investment from global investor PGIM Real Estate. 'High interest rates increase the costs of putting deals together,' said Ron DeVries, senior managing director of Integra Realty Resources. 'But it's not surprising this is one of the first developments to go forward after the drought because everyone wants to be in the West Loop, and that's where the biggest rents are.' Fulton Market is a popular choice for affluent renters attracted to its restaurants, nightlife and easy access to downtown, making Vista's plan appealing, said Shaunak Tanna, executive director at PGIM Real Estate. 'The Chicago multifamily sector remains strong, with Fulton Market standing out as one of the city's most vibrant neighborhoods, attracting both residents and employers,' he said in a prepared statement. The development at 370 N. Morgan St. is the first phase of the three-tower, $448 million project approved by the Plan Commission in 2023. Vista also proposed building skyscrapers at 400 N. Morgan St. and 401 N. Morgan St. If completed, the development would be one of Chicago's largest recent apartment projects, adding up to 1,450 units. Designed by Antunovich Associates, 370 N. Morgan St., will include 45,000 square feet of amenities spread across several floors, a rooftop pool deck and co-working stations. A parking podium will offer 192 spaces, most with EV charging capabilities. The builders will also create a new landscaped plaza at the intersection of Kinzie and Morgan streets. 'Fulton Market is experiencing remarkable growth and we are witnessing an increasing demand for spaces that blend living, working, and recreational opportunities within the vibrant core of downtown Chicago,' said Ark Latt, partner and chief development officer at Vista Property, in a statement. About 10 major apartment developments were completed in Chicago last year, DeVries said, including Flora Apartments, a 34-story tower in Fulton Market with 368 units. But financing for these skyscrapers was mostly complete by 2022, just before inflation and other economic anxieties led the Federal Reserve to start hiking interest rates. Developers will complete several major apartment projects in Chicago this year, including Straits Row Apartments at 633 S. LaSalle St., and the 12-story Neveseno Apartments at 1717 S. Michigan Ave. Both are smaller-scale developments, each providing fewer than 150 units, and that made it easier for the developers to secure financing, DeVries said. The Federal Reserve began dropping interest rates last year as inflation cooled, but anxiety about the Trump administration's tariff policies, and the possibility of higher inflation, led Fed officials to hold off on any further cuts so far in 2025. A few significant apartment projects did score financing and get underway in 2024, most notably Related Midwest's two-tower 400 Lake Shore development in Streeterville. The company plans to complete phase one, the 858-foot-tall North Tower, by early 2027. 'We're hearing that there are a lot of banks that really want to provide construction loans,' DeVries said, but the private investors needed to complete financing for most projects still worry about overall costs and interest rates. 'That's been the challenge of late.'
Yahoo
21-05-2025
- Business
- Yahoo
Buyers Squeezed as Mortgage Rates Hit New Highs
Mortgage rates in the US are once again approaching the dreaded 7 percent. That marks the highest level since February. Elevated borrowing costs are driving a decline in applications for home purchases and refinancing. Cathy Marcus, Co-CEO and Global COO at PGIM Real Estate joined Bloomberg Open Interest from its annual Global Client Conference in Miami. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
