Freehold strata office floor at 15 Scotts for sale at $52.5 mil
The real property is throughout walking distance of the main Orchard Road retail belt as well as 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.
The strata workplace level covers 13,734 sq ft, standing for approximately 12.7% of the complete strata area, or 12.6% of the total share market price of the advancement. Based upon the floor area, the suggestive cost works out to $3,822 psf.
Formerly called Thong Teck Building, 15 Scotts is a nine-storey strata-titled profitable property with a 40m-wide frontal along Scotts Road, off Orchard Road. The property underwent considerable investment improvement works, consisting of an update of the usual areas and also improvement of the façade, which was completed in 2015.
Lee expects the fad to persist, given that Orchard Road is among the vital locations where strata class is no more allowed existing projects and on redevelopment areas. “This restriction will certainly better restrain the supply of good-quality freehold strata workplaces offered for sale as well as existing good-quality strata workplace developments such as 15 Scotts will stand to profit,” Lee puts in.
Clemence Lee, executive head of capital markets, Singapore, at CBRE, indicates that freehold strata office levels continue to be incredibly demanded by both owner-occupiers and also investors, given that such properties are securely held and also hardly ever offered. “Because of their rarity, there have actually been no deals in the last four years entailing whole strata workplace levels in Orchard Roadway,” he states.
A strata office floor at 15 Scotts, a freehold business project in the Orchard Road district, is up for selling using an expression of interest exercise at a measure rate of $52.5 million. CBRE is the premium marketing agent for the property.
The last strata workplace floor exchange took place in October 2017, when the entire 18th floor at Tong Establishment was yielded $23.3 million to Top Global. Prior to that, the entire 13th floor at Tong Building was offered in May 2016 to the family business of luxurious watch as well as jewelry house Chopard for $25.5 million.
15 Scotts is even expected to gain from the ongoing restoration of the Orchard Road precinct, which Lee thinks will help support solid service and also resources appreciation for units at the property development.
The expression of interest exercise for the strata office floor at 15 Scotts will close on Oct 6 at 3pm.