Three strata office floors at 20 Cecil Street up for sale
3 adjoining floorings of strata workplace at Plus Property, an office high rise at 20 Cecil Avenue in the CBD, are open for sale. Each floor has a gross floor area (GFA) of 11,216 sq ft, which indicates the combined room makes up approximately 33,648 sq ft.
Colliers as well as PropNex International have been jointly appointed to advertise the property. According to a Jan 9 joint announcement by the firms, the seeking cost for each and every floor is between $36 million and $37 million. The workplaces have a floor-to-ceiling height of 2.8 m along with floor-to-ceiling house windows providing a 180-degree sight of the town.
Plus Building is a Grade-A business office project in Raffles Place. The 28-storey high rise has a 99-year leasehold tenure with effect from Dec 7, 1989. It has twin front views near Cecil Road and also Church Road, along with direct protected gain access to from the Raffles Place MRT Interchange Terminal. It is within a two-minute stroll to the Telok Ayer MRT Terminal.
Ismail Gafoor, executive chairman and chief executive officer of PropNex, concurs, including that uninhabited full-floor plates in Grade-An offices in the CBD are tough to find by, particularly in the sought after Raffles Place location. “We have actually seen solid interest from family business offices including tech business that are relocating their workplaces to Singapore and are finding vacant units for their personal use, with Raffles Place being their top priority,” he observes.
Tang Wei Leng, managing director and also head of capital markets & investment services, Singapore, at Colliers, calls the property a “rare opportunity” to get strata office in the CBD, that is a tightly kept market. “Currently, the industry is experiencing a tight quantity of premium workplace stock in the core CBD due to a lack of brand-new source and even drawback of occurring stock for redevelopment,” she clarifies. Supply has actually likewise been even more limited by the modification in government regulation to limit strata subdivision of commercial assets in the central location.
Tang emphasize that limited source will support a strong rental upside for the property, noting that rents for premium and Grade-An offices in the core CBD increased 5.9% y-o-y in 2022. “Investors ought to take into consideration buying numerous levels to enjoy lasting funding appreciation or to anticipate the likelihood of a cumulative revenue in the years to come, where they would have extra significant voting rights in this project,” she states.