Three strata office floors at 20 Cecil Street up for sale
Tang Wei Leng, administering director and also head of capital markets & investment services, Singapore, at Colliers, calls the property a “seldom opportunity” to get strata workplace in the CBD, which is a firmly kept industry. “Currently, the industry is experiencing a limited supply of premium workplace stock in the main CBD as a result of an absence of new supply along with abandonment of occurring stock for redevelopment,” she describes. Supply has actually also been more limited by the adjustment in government protocol to restrict strata class of industrial properties in the central location.
Colliers and PropNex International have actually been jointly appointed to promote the real estate. According to a Jan 9 shared statement by the business, the seeking price for each floor is anywhere between $36 million and $37 million. The offices have a floor-to-ceiling elevation of 2.8 m in addition to floor-to-ceiling house windows giving a 180-degree view of the area.
Plus Building is a Grade-An office project in Raffles Place. The 28-storey tower has a 99-year leasehold tenure with effect from Dec 7, 1989. It has double frontals along Cecil Road and even Church Street, together with straight sheltered access from the Raffles Place MRT Interchange Station. It is also a two-minute stroll to the Telok Ayer MRT Terminal.
Ismail Gafoor, executive chairman and chief executive officer of PropNex, acknowledges, including that unused full-floor plates in Grade-An offices in the CBD are tough to find by, especially in the sought after Raffles Place area. “We have seen solid demand from family business offices including tech firms that are relocating their workplaces to Singapore and are seeking available units for their own usage, with Raffles Place being their leading priority,” he sees.
Tang highlights that tight source will support a strong rental upside for the property, noting that rents for excellent and Grade-An offices in the center CBD grew 5.9% y-o-y in 2022. “Investors need to take into consideration acquiring multiple levels to savor lasting capital appraisal or to expect the likelihood of a collective sale in the future, where they would have extra considerable voting rights in this development,” she states.
Three contiguous floorings of strata workplace at Plus Building, an office high rise at 20 Cecil Street in the CBD, are up for purchase. Each ground has a gross floor area (GFA) of 11,216 sq ft, that implies the combined space makes up about 33,648 sq ft.