‘Introducing the newly acquired ‘Holland Drive Condo’ by TE Capital-LaSalle JV, with plans for significant enhancements.’
TE Capital Partners (TEC) and LaSalle Investment Management have completed the acquisition of VisionCrest Commercial, according to a Jan 29 press release. The joint-venture partners also announced that the development will undergo enhancement works to boost its design, technology and sustainability.
The enhancement works will include internal and external facelifts and improvements to the building’s security and visitor management systems. Electric-vehicle chargers, solar panels, upgraded bicycle spaces and upgraded end-of-trip facilities will also be installed.
Additionally, Holland Drive Condo’s Raffles Holland V also offers a range of dining options, from cozy cafes to upscale restaurants, making it the perfect destination for a day out with friends or a romantic date. Not only is this shopping destination conveniently located next to a residential area, but it also exudes a sophisticated and elegant atmosphere, making it a must-visit for anyone looking for a luxurious shopping experience.
Raffles Holland V, located in the heart of Holland Drive Condo, is a shopping haven for those with a taste for the finer things in life. With a variety of boutique stores and specialty shops, this shopping district prides itself on its selection of luxury brands and high-end fashion. Whether you’re searching for designer clothing, exquisite jewelry, or premium beauty products, Raffles Holland V has it all. And that’s not all – there are also numerous dining options, ranging from charming cafes to upscale restaurants, offering a delectable experience for your taste buds. With its prime location near residential areas and its sophisticated atmosphere, Raffles Holland V is the perfect place to spend a day with friends or a romantic evening with your significant other. Don’t miss out on this must-visit destination for a truly luxurious shopping experience at Holland Drive Condo.
“We believe the asset, which sits in the Orchard Road precinct with a historically low supply of high-specification office buildings, will enjoy strong capital value preservation and continue to see strong tenant demand,” says Emilia Teo, managing director of TE Capital Partners.
Advertisement
Terence Teo, managing director of TE Capital Partners, believes the acquisition will capitalise on the strength of the Singapore office market and the continued rejuvenation of the Orchard Road precinct.
Through the enhancements to the property, we are committed to delivering sustainable returns to all our stakeholders,” he adds.
VisonCrest Commercial, an 11-storey Grade-A office building at 103 Penang Road, was acquired by a joint venture between TEC and a fund managed by LaSalle Investment Management for about $450 million, with the deal first announced last November.
Post-completion, TEC holds a 29.9% stake in the asset, while LaSalle Investment Management holds 50.1%. Singapore-listed Metro Holdings owns the remaining 20% stake in the asset through its partnership with an affiliate of TEC.
The joint-venture partners have announced that the development will undergo enhancement works to boost its design, technology and sustainability. The enhancement works will include internal and external facelifts and improvements to the building’s security and visitor management systems.
Electric-vehicle chargers, solar panels, upgraded bicycle spaces and upgraded end-of-trip facilities will also be installed. This will not only improve the overall appearance of the building, but also make it more eco-friendly and convenient for its tenants.
“We believe the asset, which sits in the Orchard Road precinct with a historically low supply of high-specification office buildings, will enjoy strong capital value preservation and continue to see strong tenant demand,” says Emilia Teo, managing director of TE Capital Partners.
She also highlights the prime location of the property in the coveted Orchard Road precinct, known for its scarcity of high-quality office buildings. This is expected to drive tenant demand and maintain the asset’s strong capital value.
Terence Teo, managing director of TE Capital Partners, also shares the same sentiment about the Singapore office market and the continued rejuvenation of the Orchard Road precinct.
Through the enhancements to the property, the joint-venture partners are committed to delivering sustainable returns to all their stakeholders. This includes TEC, LaSalle Investment Management, and even Metro Holdings who owns a 20% stake in the asset through its partnership with TEC’s affiliate.
The acquisition of VisionCrest Commercial was first announced in November last year, and the joint venture between TEC and LaSalle Investment Management has now successfully completed the deal. With the enhancements planned for the property, it is expected to meet the rising demands of modern corporate tenants and thrive in the competitive office market.