Alibaba to buy 50% stake in AXA Tower
Alibaba Group (Ecommerce Giant) bought 50 per cent stake of Singapore AXA Tower, valuating estimate S$1.68 billion.
Representative led by Perennial Real Estate Holdings express that situated 8 Shenton Way, in Singapore Central Business District, AXA Tower, comprises 50-storey of grade-A office and a retail podium of existing 1.05 million sq ft gross floor area, securing regulatory approval from Singapore Urban Redevelopment Authority to enhance further its floor area to 1.55 million sqft, potentially integrating hotel and residential component under the CBD Incentive Scheme.
From JLL representing Alibaba in the purchase comment “technology and e-commerce companies have become important providers across the region. As such pend up demand for their services and strong capital positions, Alibaba stayed active in their expansion and investment plans. Singapore, having gateway stands to be an attractive destination for expansion.”
Midtown Bay a new launch, having its residential integrated with FnB and Grade A office component, in Central Singapore.
Source: channelnewsasia
*The information is subjected to change and photos/images used are for illustration purposes only.
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