Three strata office floors at 20 Cecil Street up for sale
3 contiguous floorings of strata workplace at Plus Building, a business office tower at 20 Cecil Avenue in the CBD, are open for purchase. Each floor has a gross floor area (GFA) of 11,216 sq ft, which indicates the combined area makes up approximately 33,648 sq ft.
Tang Wei Leng, administering director and also head of capital markets & investment services, Singapore, at Colliers, calls the real property a “unique opportunity” to get strata workplace in the CBD, which is a securely supported sector. “Currently, the industry is experiencing a limited source of top quality office supply in the main CBD due to a lack of new supply and even extraction of existing stock for redevelopment,” she describes. Supply has also been further restricted by the adjustment in government policy to restrict strata community of commercial possessions in the central location.
Tang emphasize that tight supply will support a good rental upside for the building, marking that rents for excellent and Grade-An office spaces in the main CBD grew 5.9% y-o-y in 2022. “Investors should consider buying several levels to appreciate lasting funding valuation or to look forward to the possibility of a cumulative sale in the years to come, where they would have extra significant ballot rights in this development,” she says.
Plus Building is a Grade-A business office project in Raffles Place. The 28-storey high rise has a 99-year leasehold term with effect from Dec 7, 1989. It has double front views around Cecil Road and Church Street, along with straight protected access from the Raffles Place MRT Interchange Station. It is also a two-minute walk to the Telok Ayer MRT Station.
Colliers and also PropNex International have been jointly designated to promote the real estate. According to a Jan 9 joint news release by the business, the asking price for each and every level is between $36 million and $37 million. The offices have a floor-to-ceiling elevation of 2.8 m along with floor-to-ceiling house windows giving a 180-degree view of the town.
Ismail Gafoor, exec chairman and also CEO of PropNex, acknowledges, incorporating that vacant full-floor plates in Grade-An offices in the CBD are hard ahead by, specifically in the sought after Raffles Place area. “We have viewed strong interest from family business offices and technology firms that are relocating their workplaces to Singapore and are seeking unused units for their own use, with Raffles Place being actually their leading goal,” he sees.