Three strata office floors at 20 Cecil Street up for sale
Ismail Gafoor, exec chairman and CEO of PropNex, acknowledges, including that unused full-floor plates in Grade-A workplaces in the CBD are difficult to come by, particularly in the desired Raffles Place area. “We have seen strong request from family workplaces and tech business that are relocating their workplaces to Singapore and are seeking available units for their personal usage, with Raffles Place being their leading priority,” he notices.
Plus Building is a Grade-An office development in Raffles Place. The 28-storey high rise has a 99-year leasehold tenure with effect from Dec 7, 1989. It has twin front views near Cecil Road and also Church Road, together with straight sheltered accessibility directly from the Raffles Place MRT Interchange Terminal. It is possibly even a two-minute walk to the Telok Ayer MRT Station.
Colliers as well as PropNex International have been collectively designated to promote the real property. According to a Jan 9 mutual statement by the companies, the asking cost for each floor is in between $36 million and $37 million. The offices have a floor-to-ceiling elevation of 2.8 m along with floor-to-ceiling windows offering a 180-degree view of the city.
Tang Wei Leng, administering director and head of capital markets & investment services, Singapore, at Colliers, calls the real property a “rare opportunity” to acquire strata office in the CBD, which is a tightly kept industry. “Currently, the industry is experiencing a limited supply of premium office supply in the core CBD due to a lack of new source and even withdrawal of existing supply for redevelopment,” she explains. Supply has actually likewise been further limited by the change in state regulation to restrict strata subdivision of industrial assets in the central location.
Tang emphasize that limited source will sustain a strong rental upside for the property, indicating that rentals for premium and Grade-An offices in the core CBD grew 5.9% y-o-y in 2022. “Buyers need to consider acquiring numerous floors to savor lasting investment appraisal or to eagerly anticipate the likelihood of a collective revenue in the future, where they would have a lot more considerable voting rights in this development,” she claims.
Three contiguous floors of strata office space at Plus Establishment, a business office high rise at 20 Cecil Street in the CBD, are up for purchase. Each ground has a gross floor area (GFA) of 11,216 sq ft, which implies the mixed room comprises approximately 33,648 sq ft.