Freehold strata office floor at 15 Scotts for sale at $52.5 mil
The strata workplace floor spans 13,734 sq ft, representing roughly 12.7% of the complete strata location, or 12.6% of the overall share price of the property. Based upon the floor area, the suggestive price turns out to $3,822 psf.
Clemence Lee, corporate director of capital industry, Singapore, at CBRE, notices that freehold strata office storeys stay highly sought after by both owner-occupiers as well as buyers, considered that such possessions are tightly held as well as hardly ever provided. “Due to their rarity, there have been no purchases in the last 4 years involving whole strata workplace flats in Orchard Road,” he claims.
Formerly referred to as Thong Teck Building, 15 Scotts is a nine-storey strata-titled profitable property with a 40m-wide frontage along Scotts Streets, off Orchard Streets. The development underwent considerable investment enhancement works, consisting of a refresh of the usual locations and development of the frontage, which was concluded in 2015.
A strata office level at 15 Scotts, a real estate business development in the Orchard Road precinct, is up for sale via a declaration of interest exercise at a sign value of $52.5 million. CBRE is the privileged advertising agent for the real estate.
The last strata office level deal took place in October 2017, when the whole 18th floor at Tong Property was sold for $23.3 million to Top Global. Before that, the entire 13th floor at Tong Building was sold in May 2016 to the family business of luxury watch and also jewellery house Chopard for $25.5 million.
The property is throughout strolling distance of the main Orchard Road retail belt and also Orchard MRT Station on the North-South Line. The station will additionally end up being an interchange for the Thomson-East Coast Line by end-2022.
Lee expects the pattern to persist, given that Orchard Road is among the key locations where strata class is no more allowed in existing projects as well as on redevelopment locations. “This restriction will certainly better restrict the supply of good-quality freehold strata offices offered to sell as well as existing good-quality strata office projects such as 15 Scotts will certainly stand to benefit,” Lee includes.
15 Scotts is in addition projected to benefit from the ongoing restoration of the Orchard Road precinct, which Lee believes will certainly help sustain strong leasing as well as funding appreciation for units at the property development.
The expression of interest exercise for the strata office floor at 15 Scotts will finalize on Oct 6 at 3pm.