Freehold strata office floor at 15 Scotts for sale at $52.5 mil
The strata office level extends 13,734 sq ft, representing approximately 12.7% of the overall strata area, or 12.6% of the overall share price of the project. Based on the floor area, the suggestive price turns out to $3,822 psf.
The last strata office level transaction took place in October 2017, when the entire 18th floor at Tong Property was yielded $23.3 million to Top Global. Prior to that, the full 13th level at Tong Property was offered in May 2016 to the family business of high-end watch and also jewellery house Chopard for $25.5 million.
The building is within walking range of the major Orchard Roadway purchasing belt and also Orchard MRT Station on the North-South Line. The station can also end up being an interchange for the Thomson-East Coast Line by end-2022.
Previously known as Thong Teck Building, 15 Scotts is a nine-storey strata-titled business property with a 40m-wide frontage along Scotts Streets, off Orchard Road. The development went through comprehensive investment enhancement functions, including a brush up of the usual locations as well as development of the frontage, which was concluded in 2015.
Clemence Lee, corporate director of capital markets, Singapore, at CBRE, indicates that freehold strata office floors continue to be very searched for by both owner-occupiers and also investors, considered that such assets are securely held as well as hardly ever made available. “As a result of their rarity, there have been no transactions in the last 4 years including entire strata office flats in Orchard Roadway,” he says.
Lee expects the fad to continue, considered that Orchard Road is one of the key areas where strata class is no longer allowed in existing developments as well as on redevelopment locations. “This restriction will further limit the supply of good-quality property strata offices offered for sale as well as existing good-quality strata workplace developments such as 15 Scotts will certainly stand to profit,” Lee adds.
A strata office level at 15 Scotts, a freehold business project in the Orchard Road precinct, is up for sale using a statement of interest exercise at a measure price of $52.5 million. CBRE is the premium promotion representative for the commercial property.
15 Scotts is in addition anticipated to gain from the continuous renewal of the Orchard Road precinct, which Lee thinks will certainly aid support solid rental and capital appreciation 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.