Two strata office floors at Raffles Place for sale at $30 mil
Two 9hundred 99 year rent term strata business office stories at TPI Building within Cecil Street are up for purchase by means of expression of interest at an indicative price tag of $30 mil.
CBRE is the exclusive promotion and marketing professional for the property.
Both levels to buy are located at the top 2 stories of the six-storey office space building. All floor holds a strata size of 3thousand 9hundred 29 square foot and even displays a no column structure.
As one, the two storeys have a full strata surface area of 7thousand 8hundred 58 square foot, and that represents Thirty One percentage in reference to the total strata surface area of the project. Based upon the whole strata size, the denotive pricing convert to $3,818 per square foot.
Basing on to CBRE, the 2 stories, in which possess existing possessions, are simply being offered jointly or uniquely. Foreigners are eligible to procure with no additional buyer’s tax or SSD troubled the commercial real property dealing.
Clemence Lee, Snr director, capital mkts, S’pore, at CBRE, mentions in which the real property is actually a rare opening and furthermore foresees good attraction for both floors.
“Generally there are basically a few of 999-year or free lease strata office buildings situated amongst the Central Biz District. Over the years, the majority of these kinds have gotten secured by high-net-worth people or household offices for lasting investment,” he includes.
He additionally points out that under URA’s Master Plan 2K19, TPI building possesses an utmost PR of 12.6. “Given the present under use PR of 6.8 and also with only 3 more owners among the property, there is chance for every one of the property owners to arrive all together to either collectively redevelop alternatively revamp the structure or to embark on a en-bloc,” he spells out.
TPI Building rises between Telok Ayer train Station and Raffles Place train Interchange, both of which are merely less than a five-minute walk afar. The bldg is equally neighboring Food and beverage amenities consisting of Lau Pa Sat and even the Amoy/Telok Ayer St eating territory.
The expression of interest routine are going to terminate on March 24 in 1500 hrs.