Two strata office floors at Raffles Place for sale at $30 mil
Two 9hundred 99 year lease period strata office floors at TPI Building within Cecil Street are already up for transaction by means of EOI at a sign amount of $30 mil.
CBRE is definitely the distinctive promotion and marketing representative for the asset.
Both stories for transaction are situated in the highest 2 levels out of the six-storey business office building. For each level carries a strata area of 3thousand 9hundred 29 sq ft furthermore presents a column vacant configuration.
As one, both storeys hold a complete strata size of 7thousand 8hundred 58 square foot, that serves as 31 % based on the whole strata size of the project. Based at the complete strata size, the expressive value interpret to $3thousand 8hundred 18 psf.
According to CBRE, both levels, in which own remaining occupancies, are generally being offered together or independently. Foreigners are entitled to procure without additional buyer’s tax or seller’s tax troubled the business real property deal.
Clemence Lee, Snr director, capital markets, S’pore, at CBRE, claims in which the building is certainly a rare possibility and furthermore expects sturdy attention for both storeys.
“Generally there are merely a few of 999 year or freehold strata workplace buildings found amongst the Central Business District. Over the years, the majority of these have been purchased by wealthy individuals or household offices for long-lasting investment,” he beefs up.
He furthermore says that within URA’s Master Plan ’19, TPI bldg possesses an optimum PR of 12.6. “Offered the present lower than utilized plot ratio of 6.8 and with solely 3 more property owners within the building, for sure there is opening for every of the proprietors to appear with each other to possibly jointly rebuilt or perhaps revamp the building or to commence a combined sale,” he details.
TPI Bldg stands somewhere between Telok Ayer train Terminal and also Raffles Place MRT Interchange, all of that are only barely a five-minute walk afar. The building is in addition close to Food and beverage services including Lau Pa Sat including the Amoy/Telok Ayer Street eating area.
The expression of interest movement will cease on 24Mar at 1500hrs.