Freehold Data Center Building sold by Hwa Hong for S$140m.

Hwa Hong Corporation has sold OneTen Paya Lebar. It is an eight-storey, high-tech, industrial building which houses a computer data centre. The price was S$140 Million.

The new owners are believed to be an organization linked to Big Data Exchange. (BDx), who operate the data centre in the freehold facility.

BDx is also the operator of a chain data centres in China Hong Kong Indonesia and according to their website. I Squared Capital in Miami is the owner of this company.

Cushman & Wakefield & Savills mediated OneTen Paya Lebar’s sale. Savills marketed it via an Expression of Interest exercise, which ended in October.

The property – located at Paya Lebar Road 110, a stone’s throw away from MacPherson railway station – has a 59,000-square-foot (sq ft) land area.

According to the Urban Redevelopment Authority’s newest Master Plan, the land is zoned Business 1 usage with a ratio of 2.5. The existing building’s floor area of 155.500 sq. ft. is equivalent to 2.63 plot ratio.

Market watchers note that the property is a good candidate for redevelopment if there are no height restrictions and a higher plot ratio after the relocation Paya Lebar Air Base.

Cushman & Wakefield has stated that in a recently released report it expects data centre demand in South Asia and North Asia to grow at a rate of about 25% per year up to 2028. This compares with a growth rate of only 14% per year in the US.

I Squared Capital (I Squared) is a global manager of infrastructure investments with assets totaling over US$38billion. They invest in North America as well as Europe, Asia and Latin America. Based on information from its website, I Squared Capital has invested a diverse range of 80 companies in the areas of energy, digital and transport infrastructure, environmental infrastructure, utilities, and social.

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