Hwa Hong sold its freehold Data Centre Bldg in Paya Lebar Rd

Hwa Hong Corporation recently sold OneTen Paya Lebar – an eight-storey industrial building that contains a datacenter – for S$140million.

The new owner, it is believed, is an entity that has ties to Big Data Exchange. BDx operates the data centres in the freehold buildings.

BDx already occupied the entire building before the acquisition. It also runs a number of data centers in China and Hong Kong. I Squared Capital’s Miami-based private investment group, I Squared Capital Portfolio Assets, owns the company.

Cushman & Wakefield & Savills mediated the sale of OneTen Paya Lebar. This property was marketed through an expressions-of-interest exercise that concluded in October, last year.

The property – at 110 Paya Lebar Road a stones throw from MacPherson Metro Station – is situated on a corner site island with a land surface of almost 59,000 sq ft.

According to the Urban Redevelopment Authority’s most recent Master Plan the site is zoned Business 1 and has a plot of 2.5. The building’s gross floor area, currently around 155.500 ft2, represents a plot-ratio of approximately 2.63.

Market watchers said that after the relocation Paya Lebar Air Base the property could be redeveloped if height restrictions were removed and the plot ratio was increased.

Cushman & Wakefield recently said they expect data centre demand to increase by approximately 25 percent a yearly rate in South-east Asia, North Asia, and Australia, compared with only 14 percent a yearly rate in the US.

I Squared Capital has more than US$38billion of assets under management and focuses on investments in North America. Europe, Asia and Latin America. The website states that the firm has invested in over 80 companies from the sectors of utilities, digital infrastructures, transportation, environmental infrastructures, and social Infrastructure.

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