Freehold strata office floor at 15 Scotts for sale at $52.5 mil
A strata office level at 15 Scotts, a freehold commercial development in the Orchard Road district, is up for sale via a statement of interest exercise at a sign value of $52.5 million. CBRE is the premium advertising representative for the property.
Clemence Lee, executive head of capital industry, Singapore, at CBRE, notices that freehold strata office storeys continue to be incredibly sought after by both owner-occupiers as well as clients, considered that such assets are securely held and seldom made available. “Due to their rarity, there have been no transactions in the last 4 years entailing entire strata office flats in Orchard Road,” he claims.
The last strata office floor purchase occurred in October 2017, when the whole 18th level at Tong Building was sold for $23.3 million to Top Global. Before that, the full 13th level at Tong Property was offered in May 2016 to the family firm of high-end watch as well as jewelry house Chopard for $25.5 million.
Lee expects the pattern to remain, given that Orchard Road is one of the vital areas where strata neighborhood is no longer allowed in existing developments as well as on redevelopment sites. “This restriction will certainly even more limit the supply of good-quality property strata facilities available to sell as well as existing good-quality strata office developments such as 15 Scotts will certainly stand to benefit,” Lee puts in.
The real property is within strolling distance of the main Orchard Road buying belt as well as Orchard MRT Terminal on the North-South Line. The terminal can additionally end up being an interchange for the Thomson-East Coast Line by end-2022.
Previously referred to as Thong Teck Building, 15 Scotts is a nine-storey strata-titled commercial development with a 40m-wide frontage along Scotts Road, off Orchard Road. The property went through extensive investment upgrade functions, including a brush up of the common locations as well as improvement of the frontage, which was concluded in 2015.
The strata office floor extends 13,734 sq ft, standing for approximately 12.7% of the total strata area, or 12.6% of the complete share value of the development. Based on the floor area, the suggestive cost turns out to $3,822 psf.
15 Scotts is also projected to take advantage of the recurring restoration of the Orchard Road district, which Lee thinks will certainly assist support solid service and resources appraisal for units at the development.
The expression of interest exercise for the strata office level at 15 Scotts will finalize on Oct 6 at 3pm.
