Two strata office floors at Raffles Place for sale at $30 mil
Two Nine hundred Ninety Nine yr leasehold strata workplace stories at TPI Building in Cecil Street are already put up for sale by EOI at a denotive value of $Thirty million.
CBRE is undoubtedly the special marketing and advertising specialist for the commercial property.
Both floors to buy are situated within the highest two floors out of the six-storey workplace building. Every floor holds a strata size of 3thousand 9hundred 29 square foot and offers a column vacant structure.
With each other, both the levels feature an overall strata surface area of 7thousand 8hundred 58 square feet, that calculates to Thirty One % in reference to the entire strata size of the building. Based upon the overall strata area, the suggestive pricing translates to $Three thousand Eight hundred Eighteen per square feet.
Basing on to CBRE, both floors, and that have existing contracts, are generally to get sold off at the same time or independently. Noncitizens are allowed to acquire without further buyer’s stamp duty or SSD troubled the business building dealing.
Clemence Lee, senior director, capital mkts, SGP, at CBRE, claims that the property is actually a rare chance and furthermore predicts sturdy rate of interest for the 2 floors.
“Presently there are only a small number of 999-year or free lease strata office space buildings located inside of the Central Biz District. For many years, the majority of these have already been acquired by rich people or household business offices for long-lasting investment,” he adds.
He likewise explains that under URA’s Master Plan ’19, TPI bldg possesses an utmost plot ratio of Twelve point Six. “Granted the present under-utilised plot ratio of Six point Eight and by having solely 3 some other proprietors within the building, for sure there is opening for every of the property owners to appear all together to perhaps mutually redevelop alternatively recondition the structure or to enter a enbloc,” he clarifies.
TPI Bldg stands somewhere between Telok Ayer MRT Terminal as well as Raffles Place MRT Interchange, all of that are less than a five minute stretch off. The building is similarly near Food & Beverage amenities including Lau Pa Sat plus the Amoy/Telok Ayer Street eating territory.
The expression of interest routine will cease on 24Mar in 1500 hrs.