71 Robinson Road, next to 77 Robinson Road which was sold for US$520m in February, is currently being stealth marketed with an asking price of c.US$500m; 71 is being priced at c.US$2110 psf compared to 77’s US$1,710 psf transacted.

Our thoughts: 71 Robinson is a newer building compared to 77 Robinson with better specifications such as larger floor plates and higher floor to ceiling heights both of which tends to attract larger blue-chip tenants. Performance wise, 71 is currently fully occupied with an average rent of US$7.4 psf compared to 77 which is at 90% and US$5.2 psf; 71’s transaction would translated to a gross NPI yield of 4.2% which is roughly in-line with the market.