Freehold strata office floor at 15 Scotts for sale at $52.5 mil
Clemence Lee, executive head of capital markets, Singapore, at CBRE, indicates that freehold strata office levels continue to be incredibly searched for by both owner-occupiers and capitalists, considered that such possessions are snugly held as well as seldom made available. “Because of their rarity, there have been no purchases in the last 4 years involving entire strata office floors in Orchard Road,” he claims.
Lee expects the pattern to continue, considered that Orchard Road is one of the crucial locations where strata neighborhood is no more allowed in existing developments and also on redevelopment areas. “This restriction will certainly even more limit the supply of good-quality property strata workplaces offered for sale as well as existing good-quality strata workplace projects such as 15 Scotts will certainly stand to profit,” Lee includes.
The building is throughout walking range of the main Orchard Roadway retail belt as well as Orchard MRT Station on the North-South Line. The station can likewise turn into an interchange for the Thomson-East Coast Line by end-2022.
A strata workplace level at 15 Scotts, a real estate business development in the Orchard Road precinct, is up for selling using a declaration of interest exercise at an indicative value of $52.5 million. CBRE is the exclusive promotion agent for the commercial property.
The last strata workplace floor exchange occurred in October 2017, when the whole 18th floor at Tong Property was yielded $23.3 million to Top Global. Prior to that, the full 13th floor at Tong Building was offered in May 2016 to the family business of luxury watch as well as jewellery house Chopard for $25.5 million.
Formerly called Thong Teck Building, 15 Scotts is a nine-storey strata-titled business property with a 40m-wide frontage along Scotts Road, off Orchard Streets. The property went through substantial asset upgrade functions, consisting of a refresh of the common locations and development of the façade, which was concluded in 2015.
The strata office level spans 13,734 sq ft, standing for approximately 12.7% of the overall strata area, or 12.6% of the total share market price of the development. Based on the floor area, the suggestive rate works out to $3,822 psf.
15 Scotts is even assumed to gain from the ongoing renewal of the Orchard Road precinct, which Lee believes will assist sustain solid service and resources appraisal for units at the development.
The expression of interest exercise for the strata office level at 15 Scotts will finalize on Oct 6 at 3pm.