Freehold strata office floor at 15 Scotts for sale at $52.5 mil

The building is in just walking distance of the primary Orchard Roadway purchasing belt and also Orchard MRT Terminal on the North-South Line. The station will also emerge as an interchange for the Thomson-East Coast Line by end-2022.

Lee anticipates the trend to linger, given that Orchard Road is among the vital locations where strata community is no more allowed in existing developments and also on redevelopment sites. “This restriction will even more restrict the supply of good-quality freehold strata facilities available for sale as well as existing good-quality strata workplace projects such as 15 Scotts will stand to profit,” Lee includes.

Formerly known as Thong Teck Building, 15 Scotts is a nine-storey strata-titled business property with a 40m-wide front view along Scotts Road, off Orchard Road. The development went through considerable asset enhancement works, including a refresh of the typical areas and improvement of the front view, which was finished in 2015.

Clemence Lee, executive head of capital markets, Singapore, at CBRE, indicates that freehold strata office storeys remain incredibly sought after by both owner-occupiers as well as clients, given that such assets are snugly held and seldom made available. “Because of their rarity, there have actually been no deals in the last four years including entire strata office levels in Orchard Roadway,” he claims.

The strata workplace level extends 13,734 sq ft, representing about 12.7% of the complete strata area, or 12.6% of the total share worth of the development. Based on the floor area, the indicative cost figures out to $3,822 psf.

A strata workplace level at 15 Scotts, a real estate commercial property in the Orchard Road district, is up for sale by means of a statement of interest exercise at a measure rate of $52.5 million. CBRE is the premium promotion agent for the property.

Klimt Cairnhill Singapore

The last strata office level deal occurred in October 2017, when the entire 18th level at Tong Property was yielded $23.3 million to Top Global. Prior to that, the whole 13th level at Tong Property was offered in May 2016 to the family office of luxurious watch and jewellery house Chopard for $25.5 million.

15 Scotts is in addition projected to gain from the recurring restoration of the Orchard Road precinct, which Lee believes will assist support strong leasing as well as funding appreciation for units at the property development.

The expression of interest exercise for the strata office floor at 15 Scotts will finalize on Oct 6 at 3pm.

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