Three strata office floors at 20 Cecil Street up for sale
Tang Wei Leng, administering supervisor and head of capital markets & investment services, Singapore, at Colliers, calls the real property a “unique chance” to obtain strata office space in the CBD, which is a securely kept market. “Presently, the industry is experiencing a limited supply of top quality office stock in the center CBD because of a lack of brand-new supply and drawback of occurring stock for redevelopment,” she discusses. Supply has actually also been further restricted by the change in state regulation to restrict strata subdivision of commercial properties in the main region.
Plus Building is a Grade-A business office project in Raffles Place. The 28-storey high rise has a 99-year leasehold period with effect from Dec 7, 1989. It has dual frontages throughout Cecil Avenue and also Church Road, together with straight protected access directly from the Raffles Place MRT Interchange Terminal. It is within a two-minute walk to the Telok Ayer MRT Station.
Ismail Gafoor, executive chairman and CEO of PropNex, agrees, adding that uninhabited full-floor plates in Grade-A workplaces in the CBD are hard ahead by, especially in the desired Raffles Place area. “We have observed solid demand from family offices including tech firms that are transferring their workplaces to Singapore and are seeking available units for their personal use, with Raffles Place being actually their leading priority,” he sees.
Tang highlights that limited supply will sustain a good rental upside for the property, indicating that rentals for excellent and Grade-An offices in the core CBD increased 5.9% y-o-y in 2022. “Buyers need to consider purchasing numerous levels to appreciate long-lasting capital appraisal or to anticipate the likelihood of a collective sale in the years to come, where they would have much more significant ballot rights in this project,” she claims.
Colliers as well as PropNex International have actually been collectively selected to advertise the property. According to a Jan 9 joint announcement by the companies, the asking rate for each floor is anywhere between $36 million and $37 million. The offices have a floor-to-ceiling height of 2.8 m in addition to floor-to-ceiling home windows giving a 180-degree view of the area.
Three adjoining floorings of strata office space at Plus Building, an office high rise at 20 Cecil Street in the CBD, are up for sale. Each level has a gross floor area (GFA) of 11,216 sq ft, which means the consolidated space makes up around 33,648 sq ft.
