Freehold strata office floor at 15 Scotts for sale at $52.5 mil
A strata office floor at 15 Scotts, a freehold commercial project in the Orchard Road precinct, is up for selling via a statement of interest exercise at a sign rate of $52.5 million. CBRE is the premium promotion agent for the commercial property.
Formerly referred to as Thong Teck Building, 15 Scotts is a nine-storey strata-titled business development with a 40m-wide frontage along Scotts Streets, off Orchard Road. The development undertook comprehensive asset upgrade functions, consisting of a refresh of the common areas and also enhancement of the frontage, which was completed in 2015.
Clemence Lee, corporate director of capital industry, Singapore, at CBRE, notes that freehold strata office storeys stay incredibly sought after by both owner-occupiers and financiers, given that such assets are snugly held and also seldom provided. “As a result of their rarity, there have been no purchases in the last 4 years entailing whole strata workplace flats in Orchard Road,” he states.
The property is throughout strolling distance of the major Orchard Road shopping belt and Orchard MRT Station on the North-South Line. The station will likewise end up being an interchange for the Thomson-East Coast Line by end-2022.
The strata workplace level extends 13,734 sq ft, representing approximately 12.7% of the total strata area, or 12.6% of the complete share worth of the advancement. Based upon the floor area, the suggestive price figures out to $3,822 psf.
The last strata workplace level transaction happened in October 2017, when the entire 18th floor at Tong Property was cost $23.3 million to Top Global. Prior to that, the full 13th level at Tong Building was marketed in May 2016 to the family office of luxurious watch as well as jewellery house Chopard for $25.5 million.
Lee expects the trend to remain, considered that Orchard Road is among the crucial areas where strata class is no more allowed existing projects and also on redevelopment sites. “This ban will additionally limit the supply of good-quality freehold strata offices available to sell and also existing good-quality strata workplace projects such as 15 Scotts will certainly stand to benefit,” Lee adds.
15 Scotts is also expected to benefit from the continuous restoration of the Orchard Road district, which Lee believes will aid support solid rental and funding appraisal for units at the development.
The expression of interest exercise for the strata office level at 15 Scotts will finalize on Oct 6 at 3pm.