Three strata office floors at 20 Cecil Street up for sale
Colliers and PropNex International have been collectively appointed to market the real property. According to a Jan 9 shared announcement by the firms, the seeking price for each floor is anywhere between $36 million and $37 million. The office spaces have a floor-to-ceiling height of 2.8 m along with floor-to-ceiling house windows giving a 180-degree viewpoint of the area.
Ismail Gafoor, exec chairman and also CEO of PropNex, acknowledges, adding that uninhabited full-floor plates in Grade-An offices in the CBD are tough to find by, specifically in the sought after Raffles Spot location. “We have actually seen solid demand from family business offices together with technology business that are transferring their workplaces to Singapore and are finding available units for their own use, with Raffles Place being their leading priority,” he sees.
Three adjoining floors of strata office at Plus Property, an office high rise at 20 Cecil Street in the CBD, are up for sale. Each floor has a gross floor area (GFA) of 11,216 sq ft, that indicates the mixed room comprises approximately 33,648 sq ft.
Tang emphasize that tight source will support a stable rental upside for the building, noting that rentals for premium and Grade-An office spaces in the main CBD increased 5.9% y-o-y in 2022. “Buyers must take into consideration buying several levels to savor lasting capital appreciation or to expect the possibility of a cumulative revenue in the years to come, where they would certainly have more considerable voting rights in this development,” she claims.
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 twin frontages near Cecil Road and also Church Street, along with direct protected access from the Raffles Place MRT Interchange Terminal. It is possibly even a two-minute walk to the Telok Ayer MRT Station.
Tang Wei Leng, managing supervisor as well as head of capital markets & investment services, Singapore, at Colliers, calls the property a “unique possibility” to obtain strata office space in the CBD, which is a securely kept market. “Presently, the market is experiencing a tight source of high-quality office supply in the center CBD due to a lack of brand-new source and drawback of occurring stock for redevelopment,” she clarifies. Supply has additionally been further limited by the adjustment in government regulation to restrict strata neighborhood of business properties in the central location.
