Three strata office floors at 20 Cecil Street up for sale

3 contiguous floorings of strata workplace at Plus Property, a workplace tower at 20 Cecil Street in the CBD, are up for sale. Each ground has a gross floor area (GFA) of 11,216 sq ft, which means the mixed area comprises approximately 33,648 sq ft.

Colliers as well as PropNex International have actually been jointly assigned to advertise the property. According to a Jan 9 joint announcement by the business, the seeking price for each floor is between $36 million and $37 million. The office spaces have a floor-to-ceiling height of 2.8 m in addition to floor-to-ceiling house windows delivering a 180-degree sight of the city.

Klimt Cairnhill condo

Plus Building is a Grade-An office development in Raffles Place. The 28-storey high rise has a 99-year leasehold term with effect from Dec 7, 1989. It has double frontals near Cecil Avenue and also Church Road, along with direct protected accessibility from the Raffles Place MRT Interchange Terminal. It is possibly even a two-minute walk to the Telok Ayer MRT Station.

Tang Wei Leng, managing director and also head of capital markets & investment services, Singapore, at Colliers, calls the real property a “unique opportunity” to acquire strata office space in the CBD, which is a tightly supported market. “Currently, the industry is experiencing a limited quantity of premium workplace stock in the center CBD because of an absence of brand-new source along with abandonment of occurring supply for redevelopment,” she describes. Supply has additionally been further limited by the change in government policy to restrict strata neighborhood of commercial assets in the main area.

Tang highlights that limited source will sustain a good rental upside for the building, indicating that rents for premium and Grade-A workplaces in the core CBD expanded 5.9% y-o-y in 2022. “Investors need to take into consideration buying several levels to appreciate long-lasting capital appreciation or to expect the prospect of a cumulative revenue in the future, where they would certainly have more significant ballot rights in this project,” she claims.

Ismail Gafoor, executive chairman and also CEO of PropNex, agrees, adding that vacant full-floor plates in Grade-An offices in the CBD are tough to find by, particularly in the coveted Raffles Spot area. “We have actually seen strong request from family workplaces together with tech business that are relocating their offices to Singapore and are seeking vacant units for their own usage, with Raffles Place being their top preference,” he sees.

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