Alibaba acquired a 50% stake in Singapore's AXA tower recently a Perennial Real Estate led consortium, valuing the building at S$1.7bn. The 1.05mn sqft Grade A office property is located in Singapore's Tanjong Pagar CBD district and has been approved for redevelopment into a 1.55mn sqft mixed-use development comprising commercial, residential and ho

spitality use. Under the recent CBD Incentive Scheme announced by the URA, the government has put in place incentives to encourage the conversion of older commercial developments within the CBD to mixed-use developments in a bid to improve the vibrancy of the area and we expect to see more of such deals occur going forward, especially in the older Tanjang Pagar district.