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Oxley close to buying Chevron House

Posted by SG Property Home on November 22, 2017
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Oxley Holdings is in the far on stages of planning deal to buy Chevron House in Raffles Place.

The price is to be around S$660 million or S$2,526 per Sq ft. on the property’s existing net lettable area (NLA) of 261,280 Sq ft.

Deka Immobilien of Germany is owner and fund manager of this property.

The 32-story office and retail development are located on a 29,891 Sq ft. a site with a 99-year tenure starting from Dec 7, 1989.

Chevron House has 215,667 sq ft net lettable area(NLA) of offices over 27 floors (from levels 6 to 32) and 45,613 Sq ft. of retail space (basement 1 to level 4). 2 and 3 basements have 96 carpark lots.

The property, concluded in 1993, has a basement connection to the Raffles Place MRT Station next door.

It is about 98% net currently.

At Chevron House, the lease for the majority of the space that Chevron is currently leasing expires in late 2020, but observers say there may be provisions for the group to give up space in 2019.

Anchor tenant Chevron, which filled about 83,000 Sq ft. over 10 offices floor, is about to move to Duo Tower in the Beach Road area and it has authorized for about 73,000 Sq ft.

Due to small space, the oil major is leasing there reflects the more well-organized space usage at Duo Tower due to large floor-plates. Duo Tower has obtained its non-permanent Occupation Permit late last year.

Office common areas having the entrance lobby, lift lobbies and toilets. In addition, about 14,950 Sq ft. of unutilized gross floor area could be made better use, subject to acceptance; no dissimilar premium would be payable to the state.

Some spectators say selling strata units in Chevron House may not be a good option as there may be very low margin left for Oxley based on its purchase price.

“Selling strata offices is very challenging, but selling strata retail units in the project may be workable,” said the head honcho of a property investment group.

Deka Immobilien, a unit of Germany’s DekaBank Group, bought Chevron House for about S$547 million or S$2,083 psf on a net lettable area(NLA) from Goldman Sachs funds in 2010.

Goldman Sachs suffered a loss, having paid S$730 million or S$2,780 psf for it in 2007 the property boom before the world financial crisis.

Deka’s only major Singapore property is Chevron House.

About S$8 billion of office investment sales already sealed yet. The massive transaction is the S$2.094 billion of the office and retail space in Asia Square Tower 2 by BlackRock Asia Property Fund III to CapitaLand Commercial Trust.

Mainboard-listed Oxley Holdings, managed by Ching Chiat Kwong, has been on a property buying spree this year. Mayfair Gardens of Dunearn Road for S$311 million and 231 Pasir Panjang Road at S$121 million.

It is a member of the consortiums that acquired two former HUDC sites – Serangoon Ville at S$499 million and Rio Casa in Hougang for S$575 million.

Adapted from: The Straits Times, 22 November 2017

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