Two strata office floors at Raffles Place for sale at $30 mil
2 999-year lease period strata office storeys at TPI Building within Cecil Street are put up for sale through expression of interest at an indicative pricing of $Thirty million.
CBRE is simply the special advertising operator for the property.
Both storeys for sale are situated at the top two levels in the six-storey office space building. All floor comes with a strata size of Three thousand Nine hundred Twenty Nine sq ft furthermore comes with a columnless style.
With each other, both stories feature a total strata size of Seven thousand Eight hundred Fifty Eight square feet, and that represents Thirty One percent in reference to the total strata surface area of the development. Based at the whole strata surface area, the suggestive rate translates to $3,818 psf.
According to CBRE, the two floors, and that possess occurring possessions, are simply to become marketed collectively or individually. Noncitizens are qualified to buy without any extra buyer’s stamp duty or seller’s tax troubled the commercial real property proceeding.
Clemence Lee, senior Dir, capital markets, S’pore, at CBRE, claims in which the building is certainly a scarce business opportunity and furthermore forecasts good enthusiasm for the 2 floors.
“Generally there are only a handful of 999 yr or free lease strata office complex positioned inside the CBD. For many years, a lot of these types have been purchased by high-net-worth people or family unit business offices for lasting investment decision,” he says further.
He also brings up that underneath URA’s Master Plan 2019, TPI building owns a maximum PR of Twelve point Six. “Given the existing under-utilised PR of Six point Eight furthermore alongside merely 3 more property owners inside of the property, certainly there is opening for all of the proprietors to get all together to either together redevelop alternatively recondition the building or to launch a en-bloc,” he clarifies.
TPI Bldg rises in between Telok Ayer MRT Terminal plus Raffles Place train Interchange, both of which are no more than a five minute stroll away. The bldg is in addition in close proximity to Food and beverage facilities featuring Lau Pa Sat plus the Amoy/Telok Ayer St dining enclave.
The EOI activity are going to cease on 24Mar in 3:00pm.