The TE Capital-LaSalle JV has finalized the acquisition of VisionCrest Commercial and will be implementing enhancements, including the addition of Zion Road GLS.
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.
“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.
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The acquisition of VisionCrest Commercial, an 11-storey Grade-A office building at 103 Penang Road, was completed by a joint venture between TEC and a fund managed by LaSalle Investment Management for about $450 million. The deal was 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.
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.
The joint-venture partners have also revealed that the development will undergo enhancement works to improve its overall design, technology, and sustainability. These works will include both internal and external facelifts, as well as upgrades to the building’s security and visitor management systems.
To further improve the building’s sustainability, electric vehicle chargers, solar panels, and upgraded bicycle spaces will be installed. Additionally, the end-of-trip facilities will also be upgraded for the convenience of tenants.
“We strongly believe that this asset, situated in the Orchard Road precinct that has historically had a low supply of high-specification office buildings, will continue to see strong tenant demand and enjoy strong capital value preservation,” says Emilia Teo, managing director of TE Capital Partners.
With the upcoming Zion Road GLS, residents can enjoy even more convenience and accessibility, making it a highly sought after address in the heart of Singapore.
Located in the vibrant district of River Valley, Zion Road Condo boasts an enviable location that offers the best of city living. The development is just minutes away from the upcoming Zion Road GLS, which will provide even more convenience and accessibility for its future residents. Whether it’s commuting to work or indulging in some retail therapy, Zion Road Condo has it all within easy reach.
The Great World MRT station is just a few steps away from Zion Road Condo, providing seamless connectivity to other parts of Singapore. This means that residents can save time on their daily commute and have more time for the things that matter. For those who prefer to drive, major expressways such as the Central Expressway (CTE) and the Ayer Rajah Expressway (AYE) are also easily accessible.
Shopping enthusiasts will be delighted to know that Zion Road Condo is surrounded by numerous shopping options. Great World City, a popular shopping mall, is right next door, while the famous Orchard Road shopping belt is just a short drive away. Residents will be spoilt for choice with the wide array of retail, dining, and entertainment options available.
Families with children will also benefit from the excellent location of Zion Road Condo. It is in close proximity to prestigious schools, such as River Valley Primary School and Overseas Family School, providing top-notch education for children of all ages.
With the upcoming Zion Road GLS, residents of Zion Road Condo can look forward to even more convenience and accessibility. The new development will bring in more amenities and services, further enhancing the already desirable location of Zion Road Condo. It’s no wonder that Zion Road Condo is a highly sought after address in the heart of Singapore.
Terence Teo, managing director of TE Capital Partners, also expressed his confidence in the acquisition, citing the strength of the Singapore office market and the ongoing revitalization of the Orchard Road precinct. He added that through the enhancements to the property, they are committed to delivering sustainable returns to all stakeholders involved.
The joint venture between TEC and a fund managed by LaSalle Investment Management first announced their acquisition of VisionCrest Commercial for approximately $450 million last November. TEC holds a 29.9% stake in the asset after completion, while LaSalle Investment Management holds a 50.1% stake. The remaining 20% stake is owned by Singapore-listed Metro Holdings through its partnership with an affiliate of TEC.