TE Capital-LaSalle JV launches sales of Visioncrest Orchard in Singapore

TE Capital Partners (“TE Capital”) and LaSalle Investment Management (“LaSalle”) jointly announced the sales launch of Visioncrest Orchard, a freehold Grade A commercial strata development located in the heart of Singapore’s prime Orchard Road precinct, with a combined office and retail area of 154,711 sqft (14,373 sqm). TE Capital is the operator for Visioncrest Orchard and the partners are accompanied in the joint venture by Metro Holdings as a capital partner of the TE Capital-managed vehicle.

As part of the launch, a 14,725 sqft office space on Level 6 and a 14,844 sqft office space on Level 9 have been released for sale at S$3,980 psf and S$4,130 psf respectively. Following VIP previews in June, a 14,725 sqft office space and several retail units spanning 1,388 sqft are currently under due diligence.

TE Capital and LaSalle attribute the strong demand for the LEED Gold certified, 11-storey freehold office to the allure of the Orchard submarket as well as the asset’s outstanding core qualities which have been boosted by substantial enhancements.

Located along Penang Road, Visioncrest Orchard offers easy walking access to Dhoby Ghaut and Somerset Mass Rapid Transit (MRT) stations, with direct access to three train lines (North-South, North-East and Circle lines). The Central Expressway (CTE) and Pan Island Expressway (PIE) expressways can be reached within a few minutes’ drive.

Situated just over 400 meters (437 yards) from Plaza Singapura and 550 meters (601 yards) from 313@Somerset, Visioncrest Orchard occupies a strategic position close to Orchard’s vibrant retail scene while being just a stone’s throw away from Singapore’s central business district. It is also nestled within the exclusive Oxley enclave and Istana, the official residence and office of the president of Singapore, providing a coveted address which combines prestige with cultural and historical significance.

Offices at Visioncrest Orchard boast greenery views through expansive full-glass, solar-protected windows with floor to floor heights reaching 4.3 meters. Large floorplates of approximately 14,500 sqft offer numerous possibilities for customization, while a generous provision of 135 onsite parking lots offer convenience for occupiers. Smart fittings that offer user-friendly building access via self-registration e-kiosks, as well as enhanced security through biometric features such as facial recognition are among the upgrades that occupiers can expect, while amenities such as a swimming pool, a well-equipped gym, a tennis court and other recreational facilities promote the integration of wellness with work.

In the years to come, Visioncrest Orchard is expected to benefit from commitments by the Singapore government to revitalize the Orchard district. Initiatives such as the Strategic Development Incentive (SDI) scheme will see the introduction of broadened urban planning parameters such as increased building heights, expanded gross floor area and more flexible land use permissions on older assets. Plans to pedestrianize parts of Orchard and redesign traffic flows will also contribute to the transformation of the area. As the availability of high-quality, high-specification freehold offices in the Orchard district will continue to be limited, the partners expect interest in Visioncrest Orchard to remain robust.

CBRE, ERA, JLL, Knight Frank, PropNex and Savills have been appointed as agents for Visioncrest Orchard.

About TE Capital Partners

TE Capital Partners is a uniquely positioned real estate investment and fund management firm, equipped with development management capabilities that focuses on APAC real estate markets. Established in 2019, TE Capital Partners is backed by the family office of Mr Teo Tong Lim, Group Managing Director of Tong Eng Group, a real estate company with a history of more than 80 years, having owned and developed close to 200 acres of land, comprising mixed-use, office, retail, landed housing and apartments.

As of Q4 2023, TE Capital Partners and its subsidiaries, has an AUM of more than S$3 billion across Singapore, Australia, Japan and the United States, and the Principals have developed more than S$3 billion of commercial office, residential and mixed development projects in Singapore in recent years, such as Solitaire on Cecil. Some commercial projects under management include 350 Queen Steet and 312 St Kilda Road in Melbourne, Australia. For more information, please visit www.tecapitalasia.com and LinkedIn.

NOTE: This press release may contain forward-looking statements by TE Capital Partners and should not be relied upon by readers and/or investors for any purposes. This is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. No representation or warranty express or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this press release. Actual performance, outcomes and results may differ from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions.

About LaSalle Investment Management | Investing Today. For Tomorrow.

LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, we manage approximately US$87 billion of assets in private equity, debt and public real estate investments as of Q1 2024. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. Our diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit www.lasalle.com and LinkedIn.

For more information, please visit www.lasalle.com, and LinkedIn.

NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.