Three strata office floors at 20 Cecil Street up for sale
3 adjoining floorings of strata office space at Plus Building, an office high rise at 20 Cecil Street in the CBD, are up for purchase. Each floor has a gross floor area (GFA) of 11,216 sq ft, that implies the mixed room makes up about 33,648 sq ft.
Tang Wei Leng, managing supervisor as well as head of capital markets & investment services, Singapore, at Colliers, calls the property a “seldom possibility” to obtain strata workplace in the CBD, that is a securely held market. “Currently, the industry is experiencing a strict supply of high-grade office stock in the core CBD due to a lack of brand-new supply and withdrawal of existing supply for redevelopment,” she discusses. Supply has likewise been more restricted by the modification in state policy to limit strata class of commercial assets in the main location.
Ismail Gafoor, exec chairman and chief executive officer of PropNex, concurs, incorporating that unused full-floor plates in Grade-A workplaces in the CBD are hard ahead by, specifically in the sought after Raffles Spot location. “We have actually viewed strong demand from family workplaces including tech companies that are transferring their offices to Singapore and are looking for vacant units for their own usage, with Raffles Place being actually their leading priority,” he sees.
Colliers and PropNex International have been jointly selected to advertise the real property. According to a Jan 9 shared press release by the firms, the asking rate for each level is anywhere between $36 million and $37 million. The offices have a floor-to-ceiling elevation of 2.8 m in addition to floor-to-ceiling windows offering a 180-degree sight of the town.
Tang emphasize that limited supply will sustain a strong rental upside for the property, noting that hires for excellent and Grade-An office spaces in the center CBD expanded 5.9% y-o-y in 2022. “Buyers need to think about acquiring multiple floors to appreciate lasting funding appreciation or to look forward to the likelihood of a cumulative revenue in the future, where they would have more considerable voting rights in this property development,” she says.
Plus Building is a Grade-A business office project in Raffles Place. The 28-storey tower has a 99-year leasehold term with effect from Dec 7, 1989. It has double front views around Cecil Avenue and Church Road, together with direct sheltered access coming from the Raffles Place MRT Interchange Terminal. It is within a two-minute stroll to the Telok Ayer MRT Terminal.