Three strata office floors at 20 Cecil Street up for sale
Tang Wei Leng, administering director and also head of capital markets & investment services, Singapore, at Colliers, calls the property a “rare possibility” to get strata office space in the CBD, that is a tightly kept sector. “Presently, the sector is experiencing a limited quantity of high-quality office stock in the core CBD as a result of a lack of new supply and withdrawal of occurring supply for redevelopment,” she explains. Supply has additionally been further limited by the adjustment in government regulation to restrict strata subdivision of business possessions in the central area.
Three contiguous floorings of strata office space at Plus Building, a workplace tower at 20 Cecil Avenue in the CBD, are open for purchase. Each ground has a gross floor area (GFA) of 11,216 sq ft, that indicates the combined room comprises around 33,648 sq ft.
Ismail Gafoor, executive chairman and also chief executive officer of PropNex, consents, adding that unused full-floor plates in Grade-An offices in the CBD are hard to find by, especially in the coveted Raffles Place area. “We have actually viewed strong request from family workplaces including tech companies that are relocating their offices to Singapore and are finding available units for their own use, with Raffles Place being actually their top goal,” he notices.
Tang accentuate that tight supply will support a stable rental upside for the building, noting that rentals for excellent and Grade-An office spaces in the center CBD expanded 5.9% y-o-y in 2022. “Investors should think about buying numerous floors to appreciate long-lasting capital valuation or to eagerly anticipate the likelihood of a cumulative sale in the future, where they would have extra substantial ballot rights in this property development,” she states.
Colliers and PropNex International have been jointly appointed to promote the real estate. According to a Jan 9 joint news release by the business, the asking cost for each and every floor is in between $36 million and $37 million. The workplaces have a floor-to-ceiling elevation of 2.8 m along with floor-to-ceiling windows giving a 180-degree viewpoint of the town.
Plus Building is a Grade-A workplace development in Raffles Place. The 28-storey high rise has a 99-year leasehold tenure with effect from Dec 7, 1989. It has dual frontals around Cecil Avenue and also Church Street, along with straight protected accessibility directly from the Raffles Place MRT Interchange Terminal. It is possibly even a two-minute walk to the Telok Ayer MRT Terminal.
