Freehold Income Centre on Bras Basah Road Heads for a Sale of Over S$265 Million, About S$3,617 Psf
An Indonesian buyer is understood to be in exclusive due diligence to acquire Income Centre, the eight-storey freehold office building at 75 Bras Basah Road owned by Income Insurance. The expected price is above S$265 million, or roughly S$3,617 psf on its net lettable area. The deal is expected to include a leaseback to Income Insurance.
Expected Price
Psf on Net Lettable Area
Sq Ft Net Lettable Area
Storeys, Freehold
Who Is Buying and How the Sale Was Run
The buyer is said to belong to the wider family of the late Eka Tjipta Widjaja, who founded Indonesia’s Sinar Mas Group. People close to the buyer said this branch of the family has no involvement in the Sinar Mas business. Mitsubishi Estate had also been shortlisted after the first round of bidding closed in mid-July.
The sale is being run by CapitaLand Investment, which took over management of Income Insurance’s direct property portfolio from CBRE Investment Management in April. It reportedly asked five property agencies to source buyers, each of which put forward two bids, and introduced two bidders itself.
Why the Building Appeals
The building is fully occupied by Income Insurance, so a leaseback would give a new owner immediate rental income. While its allowable floor area is already used up, there is room to add value through upgrading works or a change of use, for example to serviced apartments or a hotel. Because the site lies outside the zones where strata subdivision of commercial buildings is banned, selling it floor by floor is another possible exit.
| Income Insurance Property Sale | Year | Price |
|---|---|---|
| 16 Collyer Quay | 2022 | About S$1 billion |
| 30 Prinsep Street | 2024 | About S$147 million |
| Income Centre, 75 Bras Basah Road | 2026 (pending) | Over S$265 million |
Income Insurance, formerly NTUC Income, completed its corporatisation on 1 September 2022.
Frequently Asked Questions
How much is Income Centre expected to sell for?
More than S$265 million, or about S$3,617 psf on 73,271 sq ft of net lettable area.
Where is Income Centre?
At 75 Bras Basah Road. It is an eight-storey freehold office building.
Will Income Insurance move out?
The sale is expected to include a leaseback, so Income Insurance would stay on as tenant for a period.
Who is managing the sale?
CapitaLand Investment, which has managed Income Insurance’s direct property portfolio since April 2026.
Looking at commercial property?
I can help you assess tenure, leases and use rules before you buy an office or shop unit.