Hwa Hong sold freehold building at Paya Lebar Rd for S$140m
Hwa Hong Corporation sold the freehold OneTen Paya Lebar for S$140m, an industrial high-tech building with eight floors that includes a data center.
It is believed that the new owner of the building will be an entity connected to Big Data Exchange, which operates the data center facility within the freehold property.
After the relocation of Paya Lebar Air Base, market watchers have noted that this property has redevelopment potential.
BDx operates a network of data centres across China, Hong Kong, and Indonesia. This information is available on the company’s website. The company is owned by I Squared Capital – a Miami-based private equity group.
According to the latest Urban Redevelopment Authority Master Plan, this site is zoned Business 1 with a plot ratio of 2.5.
The existing gross floor space of the building, which is around 155.500 sq ft, reflects a plot ratio of 2.63.
Cushman & Wakefield, Savills and Cushman & Wakefield brokered the sale of OneTen Paya Lebar.
The property was marketed via an expressions of interest exercise that closed in October of last year.
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The property is located at 110 Paya Lebar Road a few steps from MacPherson Station MRT. It has a land size of approximately 59,000 square feet.
Cushman & Wakefield stated in a report that it expects the demand for data centers to grow by 25 percent a year until 2028 in South East Asia and North Asia compared to 14 percent a year in US.
I Squared Capital, a global investment manager specializing in infrastructure, has over US$38 Billion in assets under its management. Its investments are focused in North America and Europe. According to its website, it has invested in more than 80 different companies, including those involved in utilities, energy and digital infrastructure. It also invests in transport, environmental infrastructure and social infrastructure.
