Freehold strata office floor at 15 Scotts for sale at $52.5 mil
Previously known as Thong Teck Building, 15 Scotts is a nine-storey strata-titled commercial development with a 40m-wide front view along Scotts Road, off Orchard Road. The property undertook considerable investment enhancement functions, including an update of the usual locations and enhancement of the front view, which was completed in 2015.
The real property is in just walking range of the primary Orchard Road retail belt and Orchard MRT Station on the North-South Line. The station can additionally emerge as an interchange for the Thomson-East Coast Line by end-2022.
Lee expects the trend to remain, considered that Orchard Road is amongst the essential areas where strata community is no more admitted existing developments as well as on redevelopment areas. “This ban will better restrain the supply of good-quality freehold strata offices offered to sell as well as existing good-quality strata workplace projects such as 15 Scotts will stand to profit,” Lee includes.
Clemence Lee, corporate head of capital markets, Singapore, at CBRE, indicates that freehold strata office floors stay very searched for by both owner-occupiers as well as investors, considered that such assets are firmly held and also seldom offered. “As a result of their rarity, there have been no transactions in the last 4 years entailing entire strata office flats in Orchard Road,” he states.
The strata office floor covers 13,734 sq ft, standing for roughly 12.7% of the total strata location, or 12.6% of the complete share price of the development. Based upon the floor area, the suggestive rate turns out to $3,822 psf.
A strata workplace floor at 15 Scotts, a real estate commercial project in the Orchard Road district, is up for selling by means of an expression of interest exercise at a measure rate of $52.5 million. CBRE is the premium advertising representative for the commercial property.
The last strata workplace floor deal occurred in October 2017, when the entire 18th floor at Tong Building was yielded $23.3 million to Top Global. Before that, the whole 13th floor at Tong Building was sold in May 2016 to the family firm of luxury watch and also jewellery house Chopard for $25.5 million.
15 Scotts is also projected to take advantage of the ongoing restoration of the Orchard Road precinct, which Lee thinks will aid sustain strong service as well as funding appreciation for units at the development.
The expression of interest exercise for the strata office level at 15 Scotts will close on Oct 6 at 3pm.