Two strata office floors at Raffles Place for sale at $30 mil
Two 999 year rent term strata office space storeys at TPI Bldg at Cecil St are already ready for purchase via expression of interest at an indicative rate of $30 mil.
CBRE is simply the unique advertising and marketing representative for the real property.
Both floors for marketing are placed on the peak two storeys in the 6 level office complex. Respective level comes with a strata surface area of 3thousand 9hundred 29 square feet also displays a column free structure.
As one, both storeys come with an overall strata area of 7thousand 8hundred 58 sq ft, which stands for Thirty One % in reference to the total strata size of the project. Based upon the total strata size, the indicative rate convert to $3thousand 8hundred 18 psf.
Basing on to CBRE, the 2 stories, in which possess occurring tenancies, are being offered collectively or singularly. Foreigners are eligible to purchase without ABSD or SSD enforced on the commercial real property sale.
Clemence Lee, senior Dir, capital mkts, SGP, at CBRE, expresses that the building is without a doubt an unusual possibility and even forecasts good passion for the two levels.
“Presently there are only a handful of 999-year or free lease strata office buildings placed amongst the Central Business District. Throughout the years, a lot of these have actually gotten acquired by wealthy people or family offices for lasting investment,” he says further.
He as well brings up that following URA’s Master Plan 2019, TPI building comes with a max plot ratio of Twelve point Six. “Offered the existing under use PR of Six point Eight and also by having just three other property owners inside the building, for sure there is business opportunity for every of the owners to appear with each other to perhaps mutually reconstruct alternatively renovate the facility or to embark on a collective sale,” he summarizes.
TPI Bldg lies somewhere between Telok Ayer Mass Rapid Transit Terminal and also Raffles Place train Interchange, each of that are lower than a five minute stretch apart. The building is likewise in close proximity to Food and beverage facilities offering Lau Pa Sat including the Amoy/Telok Ayer St eating enclave.
The expression of interest routine will conclude on Mar 24 in 1500 hrs.