Manulife purchases property at the heart of Singapore CBD

Company is expanding its presence in what it deems to be a vital new market

Manulife purchases property at the heart of Singapore CBD

Insurance News

By Lyle Adriano

The real estate arm of Manulife, a huge Canadian insurer, has announced that it has acquired an office tower located at the heart of Singapore’s business centre.

The tower, called 8 Cross Street, is a 28-storey building with 355,000sq ft of space. Located in Raffles Place Central Business District, the building is valued at US$526 million.

The transaction is the second largest in Manulife Real Estate’s global portfolio to date, a release said.

Want the latest insurance industry news first? Sign up for our completely free newsletter service now.

The building will serve as Manulife’s headquarters for its Singaporean operations; the country is the insurer’s third largest market in Asia.

“Eight Cross Street is our first real estate acquisition in Singapore. It is a reflection of our expanding commitments in Singapore, where Manulife has maintained operations for 36 years,” said Manulife Real Estate president and CEO Kevin Adolphe. “This acquisition enables us to relocate offices into a prominently located CBD tower, while accommodating future growth plans for our operations.”

“This purchase is an exciting move that reflects our strong success in Singapore and shows Manulife’s commitment to business in the area, an important financial hub in Asia,” commented Manulife Singapore CEO Naveed Irshad. “Having our own Manulife building in a prominent location in the Central Business District will help us further strengthen the Manulife brand and provide greater visibility to our consumers.”

Related stories:
Manulife’s 3Q results surge by 79%
First foreign insurance joint venture in China reaches 20th year

Keep up with the latest news and events

Join our mailing list, it’s free!