Manulife Real Estate, Canada’s largest insurance company, has recently acquired a significant Singaporean property. The insurance giant purchased 8 Cross Street on April 11. The said property is located in Raffles Place Central Business District.
8 Cross Street is composed of 28 stories and spans an area of 355,000 square feet. The property is close to public transportation and eateries. For the handsome price of US $526 million, the Class A property is Manulife’s second largest property acquisition.
Manulife has not purchased any Singaporean property prior to 8 Cross Street. They plan to make the newly acquired property headquarters for their Singapore operations.
Manulife Real Estate is based in Toronto, Canada. Established in 1887 by then Prime Minister Sir John A. McDonald, the firm started out as a private stock company. Its first operations were in its home country Canada but quickly branched out to other countries such as Hong Kong and Macau.
The company is now known as one of the world’s leading insurance companies and financial providers. Known as John Hancock Real Estate in the United States and Manulife to the rest, this Canadian finance giant has helped shape the world to what we know it is today.
As of this writing, Singapore is the third largest market in Asia. The acquisition of 8 Cross Street marks as Manulife Real Estate’s first purchase of Singapore property.