Two strata office floors at Raffles Place for sale at $30 mil
Two 999-year lease period strata office floors at TPI Bldg within Cecil Street are recently up for purchase using expression of interest at an expressive amount of $Thirty mil.
CBRE is the special marketing specialist for the real property.
The two levels offer for sale are nestled on the peak 2 levels of the six storey office complex. Each floor carries a strata area of Three thousand Nine hundred Twenty Nine sq ft and even presents a no column design.
Jointly, the two stories feature a full strata surface area of Seven thousand Eight hundred Fifty Eight square feet, and that calculates to Thirty One percentage based on the full strata area of the project. Based in the full strata area, the denotive rate interpret to $3,818 per sq feet.
Conceding to CBRE, both floors, in which come with existing tenancies, are generally to be distributed mutually or uniquely. Foreigners are qualified to procure without extra buyer’s stamp duty or SSD troubled the commercial building activity.
Clemence Lee, senior Dir, capital markets, S’pore, at CBRE, claims that the commercial property is an uncommon business opportunity and even anticipates sturdy enthusiasm for both levels.
“Presently there are just a handful of 999-year or lease free strata office complex found inside the Central Biz District. Throughout the years, many of these types have actually gotten invested in by rich consumers or family group offices for future investment decision,” he includes.
He additionally mentions that under URA’s Master Plan 2K19, TPI bldg carries an optimum plot ratio of 12.6. “Granted the current lower than utilised PR of 6.8 furthermore alongside just three various other proprietors inside the building, there certainly is venture for every of the owners to arrive together to either mutually rebuilt or maybe recondition the building or to embark on a enbloc,” he explains.
TPI Bldg stands in between Telok Ayer train Station and Raffles Place Mass Rapid Transit Interchange, all of that are only no more than a five minute stroll off. The building is likewise close-by F&B conveniences featuring Lau Pa Sat and also the Amoy/Telok Ayer St eating area.
The expression of interest activity are going to terminate on March 24 at 3pm.