The Atrium@Orchard is up for sale. The Singapore Land Authority says the property will be put on a fresh 99-year lease.
The sale will be made through an expression of interest (EOI). CB Richard Ellis, which is handling the EOI, says it expects to receive bids above $2,700 per square foot.
It notes that there is pent-up demand for grade A office assets from foreign and local investors, and that the absence of new office supply coming up in Orchard Road will fuel rental growth.
Completed in 2002, the Atrium@Orchard comprises two office towers - of seven and 10 storeys - with ground-floor retail space.
It sits on a land area of 9,575 square metres with a net floor area of 34,620 square metres.
Anchor tenants include Temasek Holdings, Barclays Capital and MTV Asia.
The EOI closes at 4pm on February 22. - CNA/ir
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