Two strata office floors at Raffles Place for sale at $30 mil
Two 9hundred 99 year rent period strata office space storeys at TPI Building within Cecil Street are actually ready for transaction over expression of interest at an indicative pricing of $30 million.
CBRE is simply the special advertising operator for the asset.
The two floors available are located within the ceiling two stories out of the six floor office space building. All level carries a strata surface area of 3,929 square feet and also offers a column unobstructed design.
With each other, both of these storeys possess an overall strata area of 7thousand 8hundred 58 square foot, in which work out to 31 percentage out of the complete strata size of the structure. Based upon the overall strata size, the expressive figure convert to $Three thousand Eight hundred Eighteen per square foot.
According to CBRE, both levels, which hold remaining possessions, are to get sold off at the same time or individually. Foreigners are eligible to secure without any ABSD or SSD enforced on the business property purchase.
Clemence Lee, senior Dir, capital markets, S’pore, at CBRE, claims that the property is actually an unusual chance and foresees robust enthusiasm for the 2 levels.
“Presently there are just a few of 9hundred 99 year or lease free strata office complex placed inside of the Central Biz District. Over the years, most of these types have actually gotten purchased by high-net-worth professionals or family unit offices for lasting investment,” he adds.
He additionally says that beneath Urban Redevelopment Authority’s Master Plan 2019, TPI building possesses a max plot ratio of 12.6. “Offered the present under-utilised PR of 6.8 furthermore by having only three various other proprietors inside of the property, for sure there is possibility for every of the owners to come with each other to either together redevelop or maybe recondition the facility or to commence a cooperative sale,” he describes.
TPI Building stands between Telok Ayer train Terminal and Raffles Place Mass Rapid Transit Interchange, each of which are merely lower than a five-minute stretch off. The bldg is additionally close-by Food & Beverage services featuring Lau Pa Sat and even the Amoy/Telok Ayer St eating territory.
The EOI movement will close on Mar24 in 1500hrs.