Two strata office floors at Raffles Place for sale at $30 mil
Two 9hundred 99 yr rent term strata office space storeys at TPI Bldg on Cecil St are actually up for deal through expression of interest at a denotive value of $30 mil.
CBRE is certainly the distinctive marketing and advertising specialist for the real property.
The two levels available for sale are nestled on the ceiling 2 levels of the 6 floor business office building. All level has a strata surface area of 3,929 square foot and also features a column-free format.
Together, both of these stories hold a complete strata size of 7thousand 8hundred 58 square foot, that represents Thirty One % in reference to the entire strata size of the building. Based within the full strata surface area, the a sign pricing translates to $Three thousand Eight hundred Eighteen psf.
Conceding to CBRE, the 2 levels, and that possess existing tenancies, are simply being marketed together or one-by-one. Immigrants are qualified to procure by having no ABSD or seller’s stamp duty placed on the commercial building sale.
Clemence Lee, senior Dir, capital mkts, Singapore, at CBRE, reveals such that the real property is actually a rare chance and furthermore predicts sturdy interest for the 2 storeys.
“Presently there are merely a small number of 999-year or freehold strata office complex positioned within the Central Biz District. Over the years, most of these have actually gotten bought by high-net-worth people or family unit business offices for long-lasting investment decision,” he says further.
He additionally brings up that within URA’s Master Plan 2K19, TPI bldg holds a highest plot ratio of 12.6. “Given the present under-utilised PR of Six point Eight furthermore alongside solely three some other proprietors inside the building, there is chance for all of the owners to offer with each other to perhaps together reconstruct alternatively refurbish the facility or to enter a enbloc,” he describes.
TPI Bldg rises in between Telok Ayer Mass Rapid Transit Terminal and Raffles Place MRT Interchange, either of that are merely lower than a five minute stroll off. The bldg is equally in close proximity to Food and beverage amenities such as Lau Pa Sat and the Amoy/Telok Ayer Street dining territory.
The EOI activity will cease on Mar24 in 3 in the afternoon.