Freehold strata office floor at 15 Scotts for sale at $52.5 mil
Previously referred to as Thong Teck Building, 15 Scotts is a nine-storey strata-titled profitable development with a 40m-wide frontage along Scotts Streets, off Orchard Streets. The development undertook extensive asset improvement functions, including a brush up of the usual areas and also enhancement of the frontage, which was concluded in 2015.
The strata office floor extends 13,734 sq ft, standing for around 12.7% of the total strata area, or 12.6% of the overall share worth of the development. Based upon the floor area, the indicative cost figures out to $3,822 psf.
The last strata workplace level deal happened in October 2017, when the whole 18th floor at Tong Establishment was cost $23.3 million to Top Global. Before that, the whole 13th floor at Tong Establishment was sold in May 2016 to the family business of high-end watch and jewelry house Chopard for $25.5 million.
The real property is within strolling range of the major Orchard Roadway shopping belt and also Orchard MRT Station on the North-South Line. The terminal will likewise end up being an interchange for the Thomson-East Coast Line by end-2022.
A strata office level at 15 Scotts, a freehold business project in the Orchard Road precinct, is up for sale through a declaration of interest exercise at a measure cost of $52.5 million. CBRE is the privileged advertising representative for the property.
Lee anticipates the trend to continue, considered that Orchard Road is one of the key locations where strata subdivision is no more allowed in existing developments and also on redevelopment locations. “This restriction will certainly additionally limit the supply of good-quality property strata facilities offered to sell as well as existing good-quality strata office developments such as 15 Scotts will certainly stand to benefit,” Lee puts in.
Clemence Lee, executive director of capital industry, Singapore, at CBRE, indicates that freehold strata office levels remain highly searched for by both owner-occupiers and investors, considered that such assets are tightly held and also rarely made available. “Because of their rarity, there have actually been no deals in the last four years including entire strata workplace flats in Orchard Roadway,” he claims.
15 Scotts is even projected to benefit from the recurring rejuvenation of the Orchard Roadway district, which Lee thinks will aid support strong service as well as funding appraisal for units at the property development.
The expression of interest exercise for the strata office level at 15 Scotts will finalize on Oct 6 at 3pm.