Two strata office floors at Raffles Place for sale at $30 mil
Two 9hundred 99 yr lease term strata business office levels at TPI Bldg in Cecil Street are actually ready for marketing by means of EOI at an indicative value of $30 mil.
CBRE is certainly the exclusive advertising and marketing agent for the property.
Both floors available for sale are found on the top 2 levels of the six-storey workplace building. Every story has a strata size of 3,929 sq ft furthermore includes a no column design.
With each other, the two floors hold a total strata size of 7thousand 8hundred 58 sq ft, which represents Thirty One percentage based on the full strata size of the project. Based on the whole strata area, the denotive price convert to $Three thousand Eight hundred Eighteen psf.
Confering to CBRE, the 2 stories, that carry remaining contracts, are being offered mutually or one-by-one. Non-citizens are allowed to secure without any ABSD or seller’s tax required on the business asset proceeding.
Clemence Lee, Snr director, capital mkts, S’pore, at CBRE, says such that the commercial property is actually an uncommon possibility and even forecasts powerful attraction for the two stories.
“Generally there are basically a few of 999 yr or freehold strata office complex placed among the Central Biz District. Throughout the years, the majority of these types have been bought by rich consumers or family unit office spaces for permanent investment,” he beefs up.
He additionally points out that beneath URA’s Master Plan 2019, TPI bldg comes with an optimum plot ratio of 12.6. “Offered the current under-utilised plot ratio of 6.8 also with only 3 various other property owners among the building, there certainly is opportunity for every of the property owners to enter together to either jointly redevelop or renovate the facility or to launch a en-bloc,” he describes.
TPI Building stands between Telok Ayer train Station plus Raffles Place Mass Rapid Transit Interchange, all of which are only barely a 5 minute stretch afar. The building is similarly close-by Food & Beverage services including Lau Pa Sat and even the Amoy/Telok Ayer Street eating enclave.
The EOI activity will terminate on Mar 24 at 1500 hrs.