Two strata office floors at Raffles Place for sale at $30 mil
2 9hundred 99 year lease period strata business office levels at TPI Bldg within Cecil St are recently put up for marketing over expression of interest at a suggestive price of $Thirty mil.
CBRE is the privileged marketing specialist for the asset.
Both stories up for sale are positioned on the peak two levels in the six-storey workplace building. Every floor features a strata size of 3,929 square feet and even presents a no column style.
Jointly, both levels own a complete strata area of Seven thousand Eight hundred Fifty Eight square foot, and that serves as 31 percent of the total strata size of the project. Based upon the entire strata surface area, the suggestive figure interpret to $3,818 per square foot.
Basing on to CBRE, the 2 stories, in which possess existing occupancies, are to be marketed mutually or one by one. Noncitizens are qualified to acquire without any ABSD or seller’s stamp duty enforced on the commercial asset activity.
Clemence Lee, Snr director, capital markets, Singapore, at CBRE, shares in which the real property is without a doubt a rare chance and furthermore looks forward to sturdy curiosity for the two levels.
“Presently there are just a small number of Nine hundred Ninety Nine yr or free lease strata business office buildings positioned within the CBD. Throughout the years, most of these kinds have been secured by wealthy professionals or family office spaces for long-term investment,” he adds.
He likewise points out that following URA’s Master Plan 2K19, TPI bldg holds an utmost plot ratio of 12.6. “Offered the existing under-utilised PR of 6.8 also alongside merely three other owners inside the building, certainly there is business opportunity for all of the owners to come as one to perhaps mutually redevelop or maybe renovate the building or to set out a enbloc,” he explains.
TPI Building is placed in between Telok Ayer train Terminal plus Raffles Place MRT Interchange, either of that are only less than a five-minute stroll afar. The bldg is additionally near F&B conveniences consisting of Lau Pa Sat and also the Amoy/Telok Ayer Street dining area.
The expression of interest routine are going to terminate on Mar24 in 1500hrs.