News and Insights

In January 2019, Chelsfield Asia Fund 1, in a joint venture with fund manager ARA Asset Management Limited, acquired Manulife Centre (51 Bras Basah Road) in Singapore.

The 241,000 sq ft office and retail building comprises a ground floor retail podium and large efficient office floors of 23,000 sq ft. This provides the building with a distinct competitive advantage over other office buildings in this sub-market.

Strategically located within the city fringe near the Orchard corridor in the Bras Basah precinct, the property is located at the intersection of Singapore’s shopping and cultural districts which in recent years have become more established as a corporate location. The joint venture aims to reposition the asset into a unique lifestyle-focussed workplace that amplifies the energy of the neighbourhood and unlocks inherent value through rental growth.

Nick Loup, Chelsfield Asia CEO and Group Vice-Chairman said: “With the advent of the on-going co-working wave and the rise of millennial expectations for F&B and retail, we aim to deliver a new and unique office concept that leverages on the vibrancy of the neighbourhood to appeal to both new-generation businesses and traditional corporate tenants. Through a thoughtful design-driven and hands-on asset management approach, it will allow us to raise the premium on rental income as well as asset value.”

Assistant Group CEO and CEO of ARA Private Funds, Mr Ng Beng Tiong, said: “51 Bras Basah Road is a prominent building in the Civic District in Singapore. Connected to two MRT stations and in close proximity to the central business district, the property is popular with companies seeking convenience and accessibility. Given ARA’s strong investor-operator track record, we are confident that we will be able to enhance the property through asset enhancement and tenant repositioning, and value-adding to the investment.”

* In June 2021, 5One Central was renamed Lazada One by its new anchor tenant Lazada.