Three strata office floors at 20 Cecil Street up for sale
Tang Wei Leng, managing director and head of capital markets & investment services, Singapore, at Colliers, calls the residence a “rare opportunity” to get strata workplace in the CBD, which is a firmly supported industry. “Presently, the market is experiencing a limited source of top quality office supply in the core CBD as a result of an absence of brand-new source and extraction of occurring supply for redevelopment,” she discusses. Supply has actually additionally been even more limited by the adjustment in government protocol to limit strata community of commercial assets in the main area.
Plus Building is a Grade-A business office development in Raffles Place. The 28-storey high rise has a 99-year leasehold tenure with effect from Dec 7, 1989. It has twin frontages throughout Cecil Avenue and Church Street, along with direct protected access coming from the Raffles Place MRT Interchange Station. It is also a two-minute walk to the Telok Ayer MRT Terminal.
Colliers as well as PropNex International have actually been collectively appointed to market the property. According to a Jan 9 joint announcement by the firms, the asking cost for every level is between $36 million and $37 million. The offices have a floor-to-ceiling height of 2.8 m in addition to floor-to-ceiling house windows providing a 180-degree viewpoint of the area.
Ismail Gafoor, executive chairman and CEO of PropNex, consents, incorporating that uninhabited full-floor plates in Grade-A workplaces in the CBD are difficult to come by, specifically in the sought after Raffles Place area. “We have actually viewed solid demand from family workplaces together with technology firms that are relocating their offices to Singapore and are finding available units for their personal use, with Raffles Place being their top priority,” he observes.
Tang accentuate that limited source will support a stable rental upside for the property, marking that rents for excellent and Grade-A workplaces in the main CBD expanded 5.9% y-o-y in 2022. “Buyers need to take into consideration acquiring multiple floors to enjoy lasting funding valuation or to eagerly anticipate the likelihood of a cumulative sale in the future, where they would certainly have extra substantial voting rights in this property development,” she claims.
Three adjoining floors of strata office at Plus Building, an office space tower at 20 Cecil Avenue in the CBD, are up for sale. Each ground has a gross floor area (GFA) of 11,216 sq ft, which implies the combined room comprises around 33,648 sq ft.