Freehold strata office floor at 15 Scotts for sale at $52.5 mil
The real property is in just walking distance of the major Orchard Road buying belt and also Orchard MRT Terminal on the North-South Line. The station can additionally end up being an interchange for the Thomson-East Coast Line by end-2022.
Lee anticipates the fad to remain, considered that Orchard Road is one of the essential locations where strata neighborhood is no more admitted existing developments and on redevelopment areas. “This ban will certainly better restrict the supply of good-quality freehold strata facilities available to sell and also existing good-quality strata workplace projects such as 15 Scotts will certainly stand to profit,” Lee adds.
A strata workplace level at 15 Scotts, a freehold business project in the Orchard Road precinct, is up for sale via an expression of interest exercise at a measure cost of $52.5 million. CBRE is the exclusive marketing agent for the property.
Clemence Lee, corporate head of capital markets, Singapore, at CBRE, notices that freehold strata office storeys remain incredibly sought after by both owner-occupiers and clients, considered that such assets are snugly held and seldom offered. “Due to their rarity, there have been no transactions in the last four years entailing whole strata office floors in Orchard Road,” he says.
Previously called Thong Teck Building, 15 Scotts is a nine-storey strata-titled business property with a 40m-wide front view along Scotts Streets, off Orchard Streets. The development went through comprehensive investment improvement functions, consisting of an update of the common locations and improvement of the front view, which was finished in 2015.
The strata office floor covers 13,734 sq ft, representing around 12.7% of the total strata area, or 12.6% of the total share value of the development. Based on the floor area, the indicative price works out to $3,822 psf.
The last strata workplace level purchase occurred in October 2017, when the whole 18th floor at Tong Establishment was sold for $23.3 million to Top Global. Before that, the whole 13th floor at Tong Property was offered in May 2016 to the family firm of high-end watch and also jewelry house Chopard for $25.5 million.
15 Scotts is also expected to gain from the continuous renewal of the Orchard Road precinct, which Lee believes will certainly assist sustain strong service and also resources appraisal for units at the development.
The expression of interest exercise for the strata office floor at 15 Scotts will close on Oct 6 at 3pm.