Mercatus sold Income At Raffles to Bright Ruby Resources

Income At Raffles has been bought over by Singapore-based Bright Ruby Resources. Located at 16 Collyer Quay, the 37-storey, 999-year leasehold office asset was sold by Mercatus, the real estate arm of NTUC Income Insurance Co-operative, in late-June. According to sources, the purchase price of around S$1 billion translates to S$3,617 psf of the net lettable area (NLA).

Income At Raffles’ NLA comprises 253,664 sq ft of offices and 22,787 sq ft of retail space (on Levels 1 and 2). The building also has 148 car parking lots in the basement levels. Its existing gross floor area (GFA) of 415,445 sq ft is 14 times the land area. There is untapped GFA of nearly 30,000 sq ft for the commercial-zoned site, which has 15.0 plot ratio under the Urban Redevelopment Authority’s (URA) latest Master Plan. The property was refurbished in 2019.

Formerly known as Hitachi Tower, the property offers Marina Bay views and sheltered connectivity to Raffles Place MRT station via 30 Raffles Place (the former Chevron House). In 2011, NTUC Income purchased a 49% stake in the building for S$101 million, and then went on to buy the remaining stake in 2013 for S$660 million.

Bright Ruby Resources, an investment firm controlled by Chinese billionaire Du Shuanghua, also owns Pullman Singapore Orchard, formerly the Grand Park Orchard.