Freehold strata office floor at 15 Scotts for sale at $52.5 mil
A strata office level at 15 Scotts, a real estate business development in the Orchard Road precinct, is up for sale through a statement of interest exercise at an indicative rate of $52.5 million. CBRE is the exclusive advertising representative for the estate.
Formerly called Thong Teck Building, 15 Scotts is a nine-storey strata-titled commercial development with a 40m-wide frontage along Scotts Road, off Orchard Streets. The property underwent comprehensive investment upgrade functions, including an update of the typical locations and also improvement of the frontage, which was concluded in 2015.
Lee prepares for the fad to linger, given that Orchard Road is among the essential areas where strata class is no longer allowed in existing developments and on redevelopment sites. “This ban will certainly even more restrict the supply of good-quality property strata facilities available to sell and also existing good-quality strata office developments such as 15 Scotts will stand to benefit,” Lee adds.
The strata workplace floor spans 13,734 sq ft, standing for approximately 12.7% of the overall strata location, or 12.6% of the overall share price of the project. Based on the floor area, the suggestive cost figures out to $3,822 psf.
Clemence Lee, corporate head of capital markets, Singapore, at CBRE, notes that freehold strata office levels remain very demanded by both owner-occupiers and also investors, considered that such properties are tightly held and also hardly ever provided. “Due to their rarity, there have actually been no deals in the last four years entailing whole strata workplace flats in Orchard Road,” he states.
The building is within walking distance of the major Orchard Roadway retail belt and Orchard MRT Terminal on the North-South Line. The terminal can also emerge as an interchange for the Thomson-East Coast Line by end-2022.
The last strata workplace level exchange took place in October 2017, when the whole 18th floor at Tong Building was yielded $23.3 million to Top Global. Prior to that, the entire 13th floor at Tong Establishment was offered in May 2016 to the family business of luxury watch and jewelry house Chopard for $25.5 million.
15 Scotts is in addition projected to gain from the ongoing rejuvenation of the Orchard Roadway district, which Lee believes will certainly aid support strong service and capital appraisal for units at the property development.
The expression of interest exercise for the strata office level at 15 Scotts will finalize on Oct 6 at 3pm.
