Two strata office floors at Raffles Place for sale at $30 mil
2 999-year lease term strata business office storeys at TPI Building in Cecil Street are recently ready for transaction over EOI at a sign amount of $30 million.
CBRE is definitely the exclusive marketing and advertising representative for the building.
Both floors for sale are placed in the ceiling two stories of the six-storey office complex. All story has a strata area of Three thousand Nine hundred Twenty Nine square foot and comes with a no column format.
With each other, the two levels come with a whole strata surface area of Seven thousand Eight hundred Fifty Eight square foot, and that calculates to 31 % coming from the complete strata area of the project. Based upon the full strata area, the suggestive price translates to $Three thousand Eight hundred Eighteen psf.
Confering to CBRE, the two storeys, that come with remaining occupancies, are simply to get marketed together or uniquely. Non-citizens are entitled to purchase without any additional buyer’s tax or SSD troubled the business building proceeding.
Clemence Lee, Snr director, capital mkts, S’pore, at CBRE, claims that the asset is without a doubt an unique business opportunity and furthermore predicts solid enthusiasm for the two storeys.
“Generally there are purely a small number of 999 year or freehold strata office space buildings found within the Central Business District. Over the years, a lot of these have already been invested in by high-net-worth professionals or family group offices for long-term financial investment,” he beefs up.
He similarly indicates that under URA’s Master Plan 2K19, TPI building carries a highest plot ratio of Twelve point Six. “Granted the current lower than use PR of 6.8 also by having solely three various other proprietors among the building, there is chance for every of the proprietors to come as one to probably collectively rebuilt or refurbish the property or to launch a en-bloc,” he describes.
TPI Building rises somewhere between Telok Ayer train Terminal plus Raffles Place train Interchange, each of which are merely no more than a 5 minute stretch apart. The bldg is likewise close-by F&B facilities including Lau Pa Sat as well as the Amoy/Telok Ayer Street dining enclave.
The expression of interest routine are going to close on 24Mar in three in the afternoon.