Freehold strata office floor at 15 Scotts for sale at $52.5 mil
The last strata workplace floor transaction happened in October 2017, when the entire 18th level at Tong Property was cost $23.3 million to Top Global. Prior to that, the whole 13th floor at Tong Property was offered in May 2016 to the family firm of luxury watch and jewelry house Chopard for $25.5 million.
The strata workplace level spans 13,734 sq ft, standing for about 12.7% of the overall strata location, or 12.6% of the complete share value of the advancement. Based on the floor area, the suggestive price turns out to $3,822 psf.
Clemence Lee, executive head of capital industry, Singapore, at CBRE, notices that freehold strata office floors continue to be very searched for by both owner-occupiers and also investors, given that such properties are tightly held as well as seldom offered. “Due to their rarity, there have been no purchases in the last four years entailing whole strata office flats in Orchard Roadway,” he states.
Lee anticipates the pattern to persist, considered that Orchard Road is amongst the key locations where strata class is no more admitted existing projects and on redevelopment locations. “This ban will further restrain the supply of good-quality property strata workplaces available for sale and also existing good-quality strata workplace projects such as 15 Scotts will certainly stand to profit,” Lee includes.
A strata office floor at 15 Scotts, a freehold commercial development in the Orchard Road precinct, is up for sale by means of a declaration of interest exercise at a sign value of $52.5 million. CBRE is the privileged promotion representative for the commercial property.
The property is throughout strolling range of the major Orchard Road purchasing belt and also Orchard MRT Terminal on the North-South Line. The terminal will also turn into an interchange for the Thomson-East Coast Line by end-2022.
Previously known as Thong Teck Building, 15 Scotts is a nine-storey strata-titled commercial development with a 40m-wide frontage along Scotts Streets, off Orchard Streets. The development undertook considerable asset enhancement functions, including an update of the usual areas as well as improvement of the frontage, which was finished in 2015.
15 Scotts is in addition expected to benefit from the continuous renewal of the Orchard Roadway precinct, which Lee thinks will help support solid leasing and capital appreciation for units at the development.
The expression of interest exercise for the strata office floor at 15 Scotts will finalize on Oct 6 at 3pm.