Freehold strata office floor at 15 Scotts for sale at $52.5 mil
The real property is within walking range of the main Orchard Road buying belt and also Orchard MRT Station on the North-South Line. The station will likewise emerge as an interchange for the Thomson-East Coast Line by end-2022.
Previously referred to as Thong Teck Building, 15 Scotts is a nine-storey strata-titled profitable development with a 40m-wide frontal along Scotts Streets, off Orchard Road. The property undertook substantial asset improvement works, including an update of the usual areas as well as enhancement of the front view, which was completed in 2015.
Lee anticipates the pattern to persist, given that Orchard Road is among the key areas where strata neighborhood is no longer allowed in existing projects and also on redevelopment areas. “This ban will better restrain the supply of good-quality freehold strata workplaces available for sale as well as existing good-quality strata office developments such as 15 Scotts will stand to benefit,” Lee includes.
A strata workplace floor at 15 Scotts, a real estate business development in the Orchard Road precinct, is up for selling through a statement of interest exercise at a measure value of $52.5 million. CBRE is the privileged marketing representative for the commercial property.
Clemence Lee, executive head of capital industry, Singapore, at CBRE, notices that freehold strata office floors stay very sought after by both owner-occupiers and also buyers, given that such assets are snugly held and rarely offered. “Because of their rarity, there have actually been no transactions in the last four years entailing whole strata workplace levels in Orchard Road,” he says.
The strata workplace level spans 13,734 sq ft, representing roughly 12.7% of the overall strata area, or 12.6% of the total share price of the development. Based on the floor area, the suggestive cost turns out to $3,822 psf.
The last strata workplace floor purchase took place in October 2017, when the entire 18th level at Tong Property was cost $23.3 million to Top Global. Prior to that, the full 13th floor at Tong Building was sold in May 2016 to the family office of luxury watch and also jewellery house Chopard for $25.5 million.
15 Scotts is even assumed to gain from the recurring rejuvenation of the Orchard Roadway district, which Lee thinks will certainly aid support solid leasing and also resources appraisal for units at the development.
The expression of interest exercise for the strata office level at 15 Scotts will close on Oct 6 at 3pm.