Three strata office floors at 20 Cecil Street up for sale
Ismail Gafoor, executive chairman and CEO of PropNex, concurs, including that uninhabited full-floor plates in Grade-An offices in the CBD are hard ahead by, specifically in the desired Raffles Place area. “We have viewed solid interest from family offices and technology companies that are transferring their offices to Singapore and are looking for available units for their own use, with Raffles Place being their leading goal,” he observes.
Colliers and PropNex International have actually been jointly designated to market the property. According to a Jan 9 mutual press release by the firms, the seeking rate for every level is in between $36 million and $37 million. The offices have a floor-to-ceiling height of 2.8 m along with floor-to-ceiling windows offering a 180-degree sight of the city.
Plus Building is a Grade-An office property development in Raffles Place. The 28-storey high rise has a 99-year leasehold tenure with effect from Dec 7, 1989. It has dual front views along Cecil Street and Church Road, along with direct protected accessibility from the Raffles Place MRT Interchange Station. It is possibly even a two-minute walk to the Telok Ayer MRT Station.
Tang emphasize that tight source will support a stable rental upside for the property, noting that rentals for excellent and Grade-A workplaces in the core CBD expanded 5.9% y-o-y in 2022. “Investors must consider buying several levels to savor long-lasting investment appreciation or to anticipate the likelihood of a cumulative sale in the years to come, where they would certainly have much more considerable voting rights in this development,” she claims.
Tang Wei Leng, administering director and also head of capital markets & investment services, Singapore, at Colliers, calls the residence a “seldom chance” to obtain strata office space in the CBD, which is a tightly held industry. “Presently, the market is experiencing a strict supply of top quality office stock in the center CBD due to an absence of brand-new source and abandonment of existing supply for redevelopment,” she clarifies. Supply has also been even more limited by the adjustment in state protocol to limit strata subdivision of business assets in the central location.
Three adjoining floors of strata office at Plus Building, an office high rise at 20 Cecil Avenue in the CBD, are up for purchase. Each floor has a gross floor area (GFA) of 11,216 sq ft, that means the mixed space makes up approximately 33,648 sq ft.
