Freehold strata office floor at 15 Scotts for sale at $52.5 mil
Clemence Lee, executive head of capital markets, Singapore, at CBRE, notes that freehold strata office floors remain very sought after by both owner-occupiers as well as buyers, given that such possessions are tightly held and also seldom provided. “As a result of their rarity, there have been no deals in the last 4 years including entire strata office levels in Orchard Roadway,” he states.
The real property is throughout strolling distance of the primary Orchard Road buying belt as well as Orchard MRT Terminal on the North-South Line. The station will likewise become an interchange for the Thomson-East Coast Line by end-2022.
The last strata office level purchase happened in October 2017, when the entire 18th floor at Tong Property was sold for $23.3 million to Top Global. Before that, the entire 13th floor at Tong Establishment was marketed in May 2016 to the family office of luxurious watch and also jewelry house Chopard for $25.5 million.
A strata workplace floor at 15 Scotts, a real estate business property in the Orchard Road precinct, is up for sale through a statement of interest exercise at a sign value of $52.5 million. CBRE is the premium advertising representative for the commercial property.
The strata office floor covers 13,734 sq ft, standing for roughly 12.7% of the overall strata location, or 12.6% of the complete share worth of the advancement. Based on the floor area, the suggestive rate turns out to $3,822 psf.
Lee prepares for the trend to continue, given that Orchard Road is one of the essential locations where strata neighborhood is no longer admitted existing projects and also on redevelopment areas. “This restriction will even more restrain the supply of good-quality freehold strata workplaces offered for sale and existing good-quality strata office developments such as 15 Scotts will certainly stand to benefit,” Lee includes.
Formerly called Thong Teck Building, 15 Scotts is a nine-storey strata-titled business property with a 40m-wide frontage along Scotts Streets, off Orchard Streets. The property went through extensive asset upgrade works, consisting of a brush up of the usual areas and also development of the front view, which was concluded in 2015.
15 Scotts is also anticipated to benefit from the recurring rejuvenation of the Orchard Road precinct, which Lee thinks will certainly help sustain strong service and funding appreciation for units at the development.
The expression of interest exercise for the strata office floor at 15 Scotts will finalize on Oct 6 at 3pm.