Alibaba to buy 50% stake in AXA Tower
Alibaba Group acquire 50 per cent stake of Singapore AXA Tower, amounting estimate S$1.68 billion.
Spokesperson by Perennial Real Estate Holdings express that AXA Tower 50-storey of grade-A office and a retail podium of has existing estimate 1.05 million sq ft gross floor area, secured regulatory approval from Singapore URA to increase its floor area to 1.55 million sqft, potentially enhancing integrate hotel and residential space under the CBD Incentive Scheme.
JLL representing Alibaba express, “technology and e-commerce companies are vital providers, hence pend up demand for their services and strong capital positions. Singapore, having gateway presents to be attractive destination for Alibaba’s expansion deployment.”
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