Ready commercial · Completed 2022
Elevate Tanjong Pagar Centre
88 Peck Seah Street, Singapore 079329
A 34-storey Grade A office over a retail podium in Singapore's fastest-growing CBD fringe, with 96% occupancy and a technology-weighted tenant base.
Building overview
The asset
Elevate Tanjong Pagar Centre delivers 465,000 sq ft of office space above a three-level retail podium and F&B street. Completed in 2022, the building targets growth-sector occupiers with flexible 15,000 sq ft floor plates, elevated power provision for technology tenants and a fully digital building management platform. It sits directly above Tanjong Pagar MRT with a covered link to the Maxwell food precinct.
Investment highlights
- Best-in-class yield among CBD Grade A stock
- Technology and growth-sector tenant weighting
- Direct MRT connection lifts leasing velocity
- Green Mark Platinum reduces service charge exposure
- Retail podium income diversifies the asset base
- Developer
- Elevate Properties Pte. Ltd. with UOL Group
- District
- District 02 — Tanjong Pagar
- Classification
- Grade A
- Completion year
- 2022
- Tenure
- 99-year leasehold from 2017
- Occupancy rate
- 96%
- Price from
- S$2.90M
- Average pricing
- S$2,900 psf average
- Rental yield
- 4.3 – 4.5% gross
- ROI
- 9.3% p.a. blended
Specifications
Building specifications
Net lettable area
465,000 sq ft office, 95,000 sq ft retail
Storeys
34 above ground, 3 basement
Typical floor plate
15,000 sq ft
Ceiling height
3.0m finished
Lifts
12 passenger, 2 service, 4 podium
Power provision
160 VA/sqm for technology occupiers
Connectivity
Dual-path fibre from three carriers
Green certification
BCA Green Mark Platinum
Smart building
IoT sensors, app-based access and booking
Security
Facial-recognition turnstiles, 24/7 patrol
Availability
Office sizes, pricing and yield
| Office size | Available units | Starting price | Current market price | Monthly rent | Gross yield |
|---|---|---|---|---|---|
| 1,000 sq ft suite | 9 units | S$2.90M | S$3.10M | S$10,500 / month | 4.3% |
| 2,200 sq ft office | 6 units | S$6.38M | S$6.82M | S$23,100 / month | 4.3% |
| 3,750 sq ft office | 4 units | S$10.88M | S$11.63M | S$39,750 / month | 4.4% |
| 7,500 sq ft half floor | 2 units | S$21.75M | S$23.25M | S$80,600 / month | 4.4% |
| 15,000 sq ft full floor | 2 units | S$43.50M | S$46.50M | S$163,100 / month | 4.5% |
Rents shown are gross of service charge and reflect current in-place or market-tested levels. Figures are indicative demonstration data and not a guarantee of future performance.
Tenancy
Occupancy and major tenants
96%
Committed occupancy
Blended rental yield of 4.3 – 4.5% gross with a total blended return of 9.3% p.a. blended.
- Regional engineering hub of a global software group
- Two venture-backed fintech scale-ups
- International serviced-office operator (two floors)
- Digital media and creative agencies
Gallery
Exterior, lobby, floors and facilities
20 images covering the exterior, lobby, reception, office floors, meeting rooms, business lounge, building facilities and floor plans.
Amenities
Building amenities
- Triple-height lobby with digital art wall
- Level 5 business lounge with barista service
- Eight bookable meeting rooms and two boardrooms
- Auditorium seating 120
- End-of-trip facility with 260 lockers and 30 showers
- Rooftop garden and running loop
- Three-level retail podium and F&B street
- Childcare centre and wellness clinic
Location
Exact location
Access
Parking, transport and MRT
Parking
- 418 car park bays across three basement levels
- 56 EV charging bays with app payment
- Season parking from S$360 per bay per month
- 240 bicycle bays with direct end-of-trip access
Transportation access
- Direct basement link to Tanjong Pagar MRT
- Five minutes to Ayer Rajah Expressway (AYE)
- Covered walkway to Maxwell and Amoy Street precincts
- Cycling network connection to the Rail Corridor
Nearby MRT stations
- Tanjong Pagar (EW) — direct link
- Maxwell (TE) — 5 min
- Shenton Way (TE) — 8 min
- Outram Park (EW/NE/TE) — 11 min
Analysis
Professional investment analysis
- 01
Tanjong Pagar entry pricing of S$2,900 psf is roughly 15% below Marina Bay while achieving a comparable rental level, producing the highest running yield in our ready portfolio.
- 02
The Greater Southern Waterfront masterplan will add 9,000 homes within walking distance by 2032, structurally deepening the local catchment.
- 03
Technology occupiers now represent 41% of the tenant mix; leases average 3.6 years with 3% fixed annual escalations.
- 04
Service charge of S$1.15 psf/month is below the S$1.35 CBD average due to Platinum-rated energy performance.
Enquire
Request the investment pack
Rent roll, tenancy schedule, service charge budget, valuation summary and floor plans.
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