Three strata office floors at 20 Cecil Street up for sale
Plus Building is a Grade-A business office property development in Raffles Place. The 28-storey tower has a 99-year leasehold period with effect from Dec 7, 1989. It has double front views around Cecil Avenue and even Church Street, along with direct protected access directly from the Raffles Place MRT Interchange Terminal. It is also a two-minute walk to the Telok Ayer MRT Terminal.
Three adjoining floors of strata workplace at Plus Establishment, a workplace high rise at 20 Cecil Avenue in the CBD, are open for purchase. Each floor has a gross floor area (GFA) of 11,216 sq ft, that implies the consolidated area comprises approximately 33,648 sq ft.
Ismail Gafoor, executive chairman and also CEO of PropNex, acknowledges, incorporating that vacant full-floor plates in Grade-A workplaces in the CBD are hard ahead by, especially in the sought after Raffles Spot area. “We have observed strong interest from family offices and tech companies that are moving their workplaces to Singapore and are seeking unused units for their own use, with Raffles Place being their leading goal,” he observes.
Colliers as well as PropNex International have been collectively appointed to market the real property. According to a Jan 9 joint news release by the firms, the asking rate for every level is between $36 million and $37 million. The offices have a floor-to-ceiling height of 2.8 m along with floor-to-ceiling house windows giving a 180-degree view of the area.
Tang highlights that tight supply will sustain a good rental upside for the building, marking that hires for excellent and Grade-An offices in the main CBD increased 5.9% y-o-y in 2022. “Investors ought to take into consideration acquiring several levels to savor long-lasting funding valuation or to anticipate the prospect of a collective revenue in the future, where they would have more considerable voting rights in this property,” she states.
Tang Wei Leng, managing director and also head of capital markets & investment services, Singapore, at Colliers, calls the residence a “seldom opportunity” to acquire strata office space in the CBD, which is a firmly kept industry. “Presently, the industry is experiencing a limited supply of high-grade office stock in the main CBD due to an absence of brand-new source and even drawback of occurring supply for redevelopment,” she discusses. Supply has likewise been even more restricted by the change in state regulation to limit strata neighborhood of commercial possessions in the main area.