Mingtiandi Username OUE Bayfront on Collyer Quay Allianz Real Estate has moved forward with a deal to acquire a half-stake in one of Singapore’s flagship office properties in a bet on the long-term health of the city’s core office market. The property investment arm of the European insurance giant announced today that it has reached an agreement to purchase 50 percent of the equity in OUE Bayfront on behalf of a fund invested by Allianz Group and Korea’s National Pension Service at a price of S$634 million ($477 million). “Over the medium to long term, the investment prospects of Singapore offices will remain favourable, as the market is well positioned from a supply, occupancy cost, market transparency, technology and business environment perspective to cushion any potential adverse impact of the near-term market volatility,” said Rushabh Desai, chief executive for Asia Pacific at Allianz Real Estate, who also pointed to the city’s effective management of the COVID-19 pandemic as a positive sign.