Three strata office floors at 20 Cecil Street up for sale
Tang Wei Leng, managing director and also head of capital markets & investment services, Singapore, at Colliers, calls the real property a “rare possibility” to get strata office space in the CBD, that is a tightly held sector. “Currently, the market is experiencing a limited supply of premium workplace supply in the center CBD due to an absence of new source and extraction of occurring supply for redevelopment,” she explains. Supply has likewise been further limited by the modification in state policy to restrict strata neighborhood of industrial assets in the central location.
Ismail Gafoor, exec chairman and CEO of PropNex, acknowledges, including that unused full-floor plates in Grade-A workplaces in the CBD are hard to find by, specifically in the desired Raffles Spot area. “We have observed strong interest from family workplaces and technology companies that are moving their offices to Singapore and are finding available units for their personal use, with Raffles Place being actually their top priority,” he observes.
Three adjoining floors of strata office space at Plus Building, an office space tower at 20 Cecil Avenue in the CBD, are up for purchase. Each ground has a gross floor area (GFA) of 11,216 sq ft, that means the combined room comprises around 33,648 sq ft.
Plus Building is a Grade-A workplace development in Raffles Place. The 28-storey tower has a 99-year leasehold period with effect from Dec 7, 1989. It has dual front views around Cecil Avenue and even Church Road, along with straight protected gain access to coming from the Raffles Place MRT Interchange Terminal. It is possibly even a two-minute walk to the Telok Ayer MRT Terminal.
Tang highlights that limited supply will support a strong rental upside for the property, marking that hires for excellent and Grade-An offices in the core CBD increased 5.9% y-o-y in 2022. “Investors should think about purchasing multiple levels to savor long-lasting funding appraisal or to look forward to the likelihood of a collective sale in the future, where they would have more significant ballot rights in this development,” she states.
Colliers as well as PropNex International have been jointly appointed to promote the property. According to a Jan 9 mutual news release by the business, the seeking price for each and every floor is in between $36 million and $37 million. The office spaces have a floor-to-ceiling elevation of 2.8 m in addition to floor-to-ceiling house windows offering a 180-degree viewpoint of the area.
