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By The Edge Singapore Thursday, 26 August 2010 16:42

Recently, private equity real estate investment advisory firm MGPA announced that global insurance giant AXA was going to be the anchor tenant at 8 Shenton Way, and will be occupying five whole floors, totalling around 70,000 sq ft. “In a way, AXA is the last piece of the jigsaw,” John Saunders, MGPA’s Hong Kong-based managing director of Asia Funds, says in a phone interview. Including AXA, the building’s occupancy rate is boosted to 92.4% from 83.7%. And, as anchor tenant, AXA will have naming rights — hence, the former Temasek Tower will be called AXA Tower. MGPA purchased the former 52-storey Temasek Tower for $1.04 billion in March 2007. That was the year the firm entered Singapore with a bang, purchasing S$4.5 billion worth of real estate. It snapped up 12 floors at strata-titled office building Springleaf Tower for S$134 million at the start of the 2007 and then letting them go months later for S$225 million, or a 68% profit. That September, MGPA emerged winner for the development site at Marina View (now Asia Square) for a whopping S$2.02 billion, followed by the neighbouring site two months later for S$952.9 million. Construction of Asia Square Tower 1, the first phase of Marina View, is already at an advanced stage, and the project is targeted for completion by mid-2011. Containing 1.26 million sq ft of office space and 34,000 sq ft of retail space, some 40% of the office space at is already leased or under serious negotiation nine months ahead of its completion, says Chris Archibold, head of markets at Jones Lang LaSalle, the exclusive marketing agent for Asia Square. Leasing inquiries have picked up sharply in the last six months, he adds. Even at Tower 2, which is not actively marketed yet and is only going to come online at end-2012, there are already two or three parties looking at signing on as anchor tenants, Archibold says. Tower 2 will contain 780,000 sq ft of Grade-A office space, 27,000 sq ft of retail space and a 280-room five-star hotel. “The market in Singapore has changed dramatically in the last nine to 12 months, and we have had a huge amount of net absorption,” observes Saunders. “We have signed a number of leases with banks and financial institutions.” Inquiries in the office market has accelerated since the start of the year, says Archibold, with new Grade-A buildings not only getting leased quickly, but also commanding a premium. He adds that these buildings achieve rental rates of around S$8.50 to S$9 psf today, while some of the older buildings fetch about S$1 less. While the oversupply may take a year or two to correct itself, the overhang should be taken up by 2013, says Douglas Dunkerley, managing director of Corporate Locations, in his July commentary. However, by 2013, the only new scheme available for lease will be Asia Square Tower 2, with no further new schemes planned until the next project at South Beach, in 2015. “I think there’s a realisation that there’s no new supply beyond Asia Square, and that’s a good position to be in,” says Saunders. MGPA also made some residential investments in Singapore in 2007, but has divested them this year. In May, it sold all 162 units it purchased en bloc from Allgreen Properties in The Cascadia in Bukit Timah to a fund managed by Keppel Land’s Alpha Investment Partners. Last month, its Asia Fund III sold all 19 units at 8 Napier it had bought in December 2007, says Saunders. MGPA had purchased the three-bedroom, 2,013 sq ft units from the developer at an average price of S$3,550 psf. Saunders declined to disclose the name of the buyer or the price. “We were happy with the deal,” he adds. “The residential market has been recovering for some time, and there’s been quite a lot of interest in residential.” Word on the street is that the units were returned to the developer, Napier Properties, and the 20% deposit forfeited. Saying MPGA was happy with the significant exposure it has enjoyed with the Asia Square project, Saunders adds, however, that “we wouldn’t be likely to do a lot more in Singapore in the near term”. Elsewhere in the region, MGPA had purchased The Intermark in Kuala Lumpur in June 2007. The mixed-use integrated development, just 500m from the Petronas Twin Towers, contains two Grade-A office buildings, an international hotel and a retail podium with total gross floor area of 2.5 million sq ft. “It’s a repositioning project, and it plays to our strength,” says Saunders. One of the office towers is being refurbished while the other is brand new. The hotel has been completely refurbished and was reopened recently as a Doubletree by Hilton. The shopping mall is also being repositioned and re-let. Intermark and 8 Shenton were injected into MGPA Asia Fund II, which also includes properties in Japan and Vicwood Plaza (office-cum-retail) in Hong Kong. Asia Fund II is a fully invested fund. Meanwhile, Asia Fund III, which raised US$3.9 billion two years ago, is 50% invested. Therefore, it still has “substantial amounts of dry powder”, says Saunders. Having enough exposure in Singapore and Malaysia, MGPA’s focus is now northward-bound -- in Japan and China. Its interest is primarily in the office and retail sectors, which it believes is its forte. “We think that’s an area we can value-add for international businesses going into China, especially in retail,” says Saunders. In the retail sector, MGPA’s interest is primarily in China’s tier 2 cities. The fund manager already has a substantial portfolio of properties in Japan through its funds. According to Saunders, the cap rates in Japan for office properties have moved up, while rents have dropped sharply. Rental prospects in Japan are rather weak, he allows, but he still regards the country as “an interesting first port of call”. “When you’re an opportunistic fund, you tend to look for distressed property first,” he says. “The cap rates have an enormous amount of risk priced into them, which makes them interesting.” -- The Edge Singapore