OneTen Paya Lebar Sold To BDx for $160 Million as Hwa Hong Corp Plans to Reinvest Overseas
Strategic Divestment Marks New Chapter for Iconic Industrial Site
Hwa Hong Corporation has announced the sale of its largest asset in Singapore, OneTen Paya Lebar, for a commendable $160 million.
The iconic property, originally a warehouse from the 1980s at 110 Paya Lebar Road, underwent significant transformation in 2013 to become an eight-storey high-tech industrial building, rebranded by Hwa Hong Corp as OneTen Paya Lebar.
With its high ceilings and robust structure, OneTen Paya Lebar was leased to Pacnet in 2013, marking its transition to a critical data centre facility, as facilitated by Brenda Ong from Cushman & Wakefield.
The facility’s high floor load, ample floor plate, and high ceilings made it an ideal choice for Pacnet’s data centre operations.
Achieving Tier 3 data centre certification and a Green Mark Gold Plus certification, the site demonstrated significant uptime reliability and environmental sustainability.
Acquisition and Upgrades by Big Data Exchange (BDx)
The journey of OneTen Paya Lebar continued with its acquisition by Telstra in 2014, renaming it Telstra Singapore Paya Lebar SGCS2, and eventually by Big Data Exchange (BDx) in April 2020.
BDx not only upgraded the facility, enhancing its IT capacity to 14MW and energy efficiency by 20%, but also selected Singapore as its new global headquarters, citing the island state’s exceptional infrastructure and vibrant tech ecosystem.
Future Prospects and Market Opportunities
Set on a freehold site of 58,986 sq ft with a gross floor area of 155,503 sq ft, OneTen Paya Lebar is zoned for “Business 1” use under the 2019 Master Plan.
The commercial property, marketed with a starting price of $160 million, represents a strategic divestment opportunity for Hwa Hong Corp to recycle capital and potentially reinvest in international markets.
The sale, managed by joint marketing agents C&W and Savills Singapore, offers the future owner a gross rental yield of about 3%, highlighting the property’s value creation and long-term growth prospects in the Paya Lebar area.
This industrial property sale signifies not just a lucrative exit for Hwa Hong Corp but also underscores the attractive investment and growth potential within Singapore’s evolving industrial and data centre landscape.
