Income Centre, a freehold eight-storey office building on Bras Basah Road, garnered strong interest in a bidding exercise that closed a couple of weeks ago. About a dozen bids were received from potential buyers, with top bids understood to be in the S$240 million to S$250 million range. A price of S$250 million works out to S$3,412 per square foot (psf) on the net lettable area (NLA) of 73,271 sq ft.

A handful of shortlisted bidders have been invited to take part in the second round of bidding. A key attraction is that the property falls outside the areas with a ban on strata subdivision of commercial properties, creating potential for an incoming buyer to apply for strata subdivision and sell strata units.

The bidding process is being conducted by CapitaLand Investment (CLI), which in April secured the investment mandate to manage Income Insurance’s direct real estate portfolio. Income Insurance occupies the whole building, and the sale is expected to come with a leaseback period for the asset. Although Income Centre’s development potential has been fully tapped, there is scope to add value through asset-enhancement works, and convert it to other uses such as serviced apartments or hotels.

CBRE and JLL have been appointed to find a buyer for Frasers Property Ltd’s (FPL) 50 per cent stake in Frasers Tower near Tanjong Pagar MRT station. The remaining stake, held by South Korea’s National Pension Service (NPS), is not up for sale.

As at September 30, 2025, the 38-storey Grade-A office building was valued at S$2.12 billion, or about S$3,100 psf on an NLA of about 684,600 sq ft. Market watchers estimated the net yield to be in the low-3 per cent range, and noted that average rental on existing leases is below the market, presenting an opportunity for positive rental reversion when leases come up for renewal.

Anchor tenants include Microsoft and French energy giant TotalEnergies, with other tenants including Sumitomo Corporation, Arup, Fonterra, Pacific Life and The Executive Centre. FPL developed the property on a 99-year leasehold site clinched at a state tender in August 2013, and sold a half stake to NPS following completion in 2018 at an agreed property value (100 per cent basis) of S$1.97 billion.

Also expected to be put on the market is 30 Raffles Place, at a total guide price of at least S$1.1 billion. CBRE and Cushman & Wakefield are said to be jointly acting for the owners of the 32-storey building, which is attractively located next to Raffles Place interchange MRT station.

The two components were previously marketed for sale separately. This time around, the thinking is that the buying interest may be stronger for the entire building. Real estate investment manager AEW owns the upper portion of the building comprising 27 office floors (levels 6 to 32) totalling about 251,500 sq ft of NLA. WeWork, a major tenant, is said to have renewed its lease recently.

Other assets on the market include the Lazada One building at 51 Bras Basah Road, formerly known as the Chevron House.