LHN Group named master tenant of old Phoenix Park
THIS is what the Ministry of Home Affairs’ former Phoenix Park headquarters (picture) may look like when it temporarily switches to private-sector office use.
The sprawling Tanglin Road complex, which also once housed the Internal Security Department, has been awarded to :LHN Group to run as a master tenant.
LHN tendered at a rent of $368,888 per month, or $2.58 per square foot, beating10 other bidders. That was more than twice the indicative rent.
At about 641,860 square feet, it is the largest site offered by the Singapore Land Authority (SLA) thus far for short-term office use to help ease Singapore’s current supply crunch.
Vacant since 2006, the 31 low-rise buildings there can yield a gross floor area of 143,160 square feet.
“We understand that LHN Group plans to configure the site into separate tenant clusters,” said SLA’s director of private land lease Mr Teo Cher Hian. “With nearby office buildings such as the adjacent former Ministry of Education headquarters at 1 Kay Siang Road which now houses the Youth Olympic Games headquarters, and more impending office set-ups, this site completes the area as an office hub.”
SLA has also awarded the former Monk’s Hill Secondary School site at Winstedt Road to Allbest Equipments at a rent of $211,328 per month, or $2.52 psf. Allbest will retain some 5 to 10 per cent of the built-up space for its own corporate office and sub-let the remaining area.
Meanwhile, the authority is offering two more properties for temporary offices: A former police post site at Kelantan Road and the former Pacific Can Building in Cecil Street.
Source : Today - 18 Jul 2008
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