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CapitaLand agrees to buy Asia Square Tower 2

​​In largest office transaction in Asia Pacific this year, Singapore real estate company to purchase landmark office tower for S$2.09 billion  

SHANGHAI, 22 September 2017 - Singapore real estate company, CapitaLand Commercial Trust, has agreed to buy Asia Square Tower 2, part of a world-class commercial development in Singapore's Marina Bay business and financial district. Real estate consultancy JLL advised on the transaction on behalf of the seller, BlackRock Asia Property Fund III.

The sale represents the largest office transaction in both Singapore and the Asia Pacific region in 2017 and is the second largest office transaction globally this year.

"The sale of Asia Square Tower 2 continues the trend of buyers being attracted to mega deals in Asia. The sales process generated strong interest from major global investors and sends a clear message about the continued recovery of the Singapore office market," says Stuart Crow, Head of Asia Pacific Capital Markets, JLL.

"With its sought-after location and first class amenities, Asia Square is one of the finest commercial real estate assets in Singapore and, more broadly, in Asia. Buildings of this quality and prominence are hard to come by, but we expect to see increased interest in Grade A office assets in Singapore off the back of this deal."

According to Greg Hyland, Head of Capital Markets, Singapore, JLL: "The Singapore office market is really starting to gain pace and this deal is likely to spur further interest, both domestically and internationally. Investors will be aware that we are at a point in the cycle where there is still the opportunity to get good value, but we expect prices to pick up in the coming quarters as supply starts to taper down between now and the end of 2019."

The 46-storey Tower 2 has a net lettable area of 778,719 square feet. Asia Square Tower 1 was sold in June 2016 to sovereign wealth fund Qatar Investment Authority for S$3.4 billion (US$2.45 billion). The entire Asia Square asset, which comprises Tower 1, Tower 2 and the Westin Singapore, achieved a combined sale price of S$5.8 billion (US$4.3 billion). The three elements were sold in 2016, 2017 and 2014 respectively.

JLL has been the leasing agent and property manager of Asia Square since it opened in 2011. Tenants of Tower 2 include major financial institutions such as Allianz, Mizuho, Mitsui, National Australia Bank and Westpac. 

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About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $145 billion. At the end of the second quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of nearly 80,000. As of June 30, 2017, LaSalle Investment Management had $57.6 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information​​, visit

JLL has over 50 years of experience in Asia Pacific, with 36,800 employees operating in 95 offices in 16 countries across the region. The firm won the ‘World’s Best’ and ‘Best in Asia Pacific’ International Property Consultancy at the International Property Awards in 2016 and was named number one real estate investment advisory firm in Asia Pacific for the sixth consecutive year by Real Capital Analytics.​​  

In Greater China, the firm was named ‘Best Property Consultancy in China’ at the International Property Awards Asia Pacific 2016, and has more than 2,200 professionals and 14,000 on-site staff providing quality real estate advice and services in over 80 cities across the country​.​​​​​​​​​​