Freehold strata office floor at 15 Scotts for sale at $52.5 mil
Formerly known as Thong Teck Building, 15 Scotts is a nine-storey strata-titled profitable development with a 40m-wide front view along Scotts Streets, off Orchard Road. The property went through substantial investment improvement functions, including a refresh of the typical locations and also improvement of the front view, which was concluded in 2015.
Lee prepares for the fad to linger, given that Orchard Road is among the crucial areas where strata community is no longer admitted existing developments and on redevelopment sites. “This ban will even more restrict the supply of good-quality freehold strata facilities available for sale and also existing good-quality strata workplace projects such as 15 Scotts will stand to profit,” Lee adds.
The building is in just strolling range of the major Orchard Roadway retail belt as well as Orchard MRT Station on the North-South Line. The terminal will additionally emerge as an interchange for the Thomson-East Coast Line by end-2022.
The last strata workplace level purchase happened in October 2017, when the whole 18th level at Tong Building was yielded $23.3 million to Top Global. Before that, the full 13th floor at Tong Building was marketed in May 2016 to the family office of luxury watch as well as jewellery house Chopard for $25.5 million.
Clemence Lee, corporate head of capital industry, Singapore, at CBRE, indicates that freehold strata office storeys continue to be very sought after by both owner-occupiers and also financiers, considered that such possessions are tightly held and seldom provided. “Due to their rarity, there have actually been no deals in the last 4 years involving entire strata workplace levels in Orchard Roadway,” he states.
The strata workplace level extends 13,734 sq ft, representing around 12.7% of the total strata area, or 12.6% of the overall share price of the project. Based upon the floor area, the suggestive price works out to $3,822 psf.
A strata office level at 15 Scotts, a real estate commercial development in the Orchard Road district, is up for selling by means of an expression of interest exercise at an indicative price of $52.5 million. CBRE is the privileged advertising representative for the property.
15 Scotts is even assumed to benefit from the recurring rejuvenation of the Orchard Roadway precinct, which Lee thinks will certainly assist support strong leasing as well as funding appreciation 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.