Two strata office floors at Raffles Place for sale at $30 mil
Two Nine hundred Ninety Nine yr leasehold strata office storeys at TPI Bldg at Cecil Street are already ready for marketing by means of expression of interest at a suggestive amount of $30 mil.
CBRE is certainly the unique promoting and marketing specialist for the building.
The two levels offer for sale are located within the top 2 storeys of the 6 level office complex. Every storey has a strata area of Three thousand Nine hundred Twenty Nine square foot and also comes with a column unobstructed format.
Collectively, both of these floors own a whole strata surface area of Seven thousand Eight hundred Fifty Eight square foot, which stands for 31 percentage out of the total strata surface area of the structure. Based upon the entire strata size, the suggestive rate convert to $Three thousand Eight hundred Eighteen per square feet.
According to CBRE, the two floors, in which own remaining occupancies, are generally to become sold off collectively or individually. Noncitizens are allowed to buy without any additional buyer’s tax or SSD imposed on the commercial asset purchase.
Clemence Lee, Snr Dir, capital markets, S’pore, at CBRE, points out that the property is actually a scarce chance and even foresees robust curiosity for the 2 levels.
“Generally there are just a handful of 999-year or lease free strata office complex found within the CBD. Over the years, most of these types have already been procured by wealthy consumers or family group office spaces for lasting financial investment,” he further mentioned.
He similarly identifies that under Urban Redevelopment Authority’s Master Plan ’19, TPI bldg comes with a highest PR of 12.6. “Offered the existing lower than use plot ratio of 6.8 and by having just three other proprietors within the building, certainly there is business opportunity for every of the property owners to enter together to probably jointly redevelop or recondition the property or to launch a enbloc,” he spells out.
TPI Building lies between Telok Ayer Mass Rapid Transit Station and Raffles Place MRT Interchange, both of which are barely a five-minute walk away. The bldg is similarly in close proximity to Food and beverage features including Lau Pa Sat plus the Amoy/Telok Ayer St eating enclave.
The EOI movement are going to end on Mar24 at 1500 hours.