Freehold strata office floor at 15 Scotts for sale at $52.5 mil

The property is within walking distance of the main Orchard Road shopping belt and Orchard MRT Station on the North-South Line. The station will additionally turn into an interchange for the Thomson-East Coast Line by end-2022.

Clemence Lee, executive head of capital markets, Singapore, at CBRE, notices that freehold strata office levels remain strongly demanded by both owner-occupiers as well as financiers, given that such properties are tightly held and seldom provided. “Due to their rarity, there have been no deals in the last 4 years entailing whole strata office levels in Orchard Roadway,” he claims.

A strata office level at 15 Scotts, a real estate business development in the Orchard Road precinct, is up for selling via a statement of interest exercise at a sign value of $52.5 million. CBRE is the premium advertising agent for the real estate.

The last strata workplace level purchase happened in October 2017, when the whole 18th floor at Tong Property was cost $23.3 million to Top Global. Prior to that, the whole 13th level at Tong Property was offered in May 2016 to the family business of high-end watch as well as jewellery house Chopard for $25.5 million.

The strata workplace floor extends 13,734 sq ft, representing approximately 12.7% of the overall strata location, or 12.6% of the complete share market price of the property. Based on the floor area, the indicative price works out to $3,822 psf.

Lee anticipates the fad to persist, considered that Orchard Road is amongst the key areas where strata subdivision is no more allowed existing developments and also on redevelopment sites. “This ban will certainly additionally restrict the supply of good-quality property strata offices offered to sell and also existing good-quality strata workplace developments such as 15 Scotts will stand to benefit,” Lee puts in.

The M Condo price

Formerly known as Thong Teck Building, 15 Scotts is a nine-storey strata-titled commercial development with a 40m-wide frontage along Scotts Streets, off Orchard Road. The development went through substantial asset improvement works, including a refresh of the common locations as well as enhancement of the frontage, which was finished in 2015.

15 Scotts is even expected to take advantage of the ongoing renewal of the Orchard Roadway district, which Lee believes will certainly help support solid rental and also funding appraisal for units at the development.

The expression of interest exercise for the strata office floor at 15 Scotts will close on Oct 6 at 3pm.

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