Two strata office floors at Raffles Place for sale at $30 mil
2 Nine hundred Ninety Nine year leasehold strata office storeys at TPI Building within Cecil Street are recently ready for deal by using EOI at a sign price of $30 million.
CBRE is certainly the premium advertising and marketing representative for the real property.
The two storeys offer for sale are situated in the top two floors of the six-storey office complex. For each floor possesses a strata area of Three thousand Nine hundred Twenty Nine square feet and also features a columnless layout.
Jointly, the two levels possess a complete strata size of 7thousand 8hundred 58 sq ft, and that work out to Thirty One % of the overall strata size of the building. Based upon the entire strata size, the a sign price tag translates to $Three thousand Eight hundred Eighteen psf.
Basing on to CBRE, the two storeys, and that feature remaining occupancies, are being marketed at the same time or one-by-one. Non-citizens are entitled to purchase without any additional buyer’s tax or SSD troubled the commercial asset proceeding.
Clemence Lee, Snr director, capital mkts, SGP, at CBRE, expresses that the real property is without a doubt an unusual possibility and even anticipates sturdy rate of interest for both levels.
“Currently there are just a handful of Nine hundred Ninety Nine year or freehold strata office space buildings located within the CBD. For many years, the majority of these kinds have already been procured by wealthy people or household business offices for long-term investment decision,” he adds.
He similarly identifies that within Urban Redevelopment Authority’s Master Plan 2K19, TPI building features a max plot ratio of 12.6. “Granted the current lower than utilised plot ratio of Six point Eight and also by having only 3 other proprietors throughout the property, there is business opportunity for every of the property owners to come as one to probably mutually rebuilt alternatively recondition the structure or to launch a combined sale,” he details.
TPI Bldg lies in between Telok Ayer Mass Rapid Transit Terminal and Raffles Place MRT Interchange, either of which are no more than a five-minute stroll away. The building is similarly in close proximity to Food & Beverage facilities consisting of Lau Pa Sat and even the Amoy/Telok Ayer St dining area.
The EOI movement will cease on Mar24 in 1500 hrs.