Three strata office floors at 20 Cecil Street up for sale
Three adjoining floors of strata office at Plus Property, a workplace high rise at 20 Cecil Avenue in the CBD, are up for purchase. Each level has a gross floor area (GFA) of 11,216 sq ft, which means the mixed space makes up approximately 33,648 sq ft.
Tang Wei Leng, managing supervisor as well as head of capital markets & investment services, Singapore, at Colliers, calls the real property a “rare possibility” to obtain strata office space in the CBD, that is a securely kept industry. “Currently, the industry is experiencing a strict quantity of premium workplace supply in the center CBD due to a lack of new supply and even extraction of existing supply for redevelopment,” she explains. Supply has also been further restricted by the adjustment in state policy to restrict strata class of business properties in the main region.
Tang emphasize that tight source will sustain a strong rental upside for the building, indicating that rentals for premium and Grade-An office spaces in the center CBD increased 5.9% y-o-y in 2022. “Investors ought to take into consideration acquiring several floors to savor long-lasting investment valuation or to eagerly anticipate the possibility of a collective sale in the years to come, where they would have extra substantial ballot rights in this property,” she says.
Ismail Gafoor, exec chairman and also CEO of PropNex, agrees, including that vacant full-floor plates in Grade-A workplaces in the CBD are hard ahead by, especially in the desirable Raffles Place location. “We have viewed strong interest from family workplaces including tech firms that are moving their workplaces to Singapore and are seeking available units for their own usage, with Raffles Place being their top priority,” he notices.
Colliers and also PropNex International have actually been collectively designated to promote the real property. According to a Jan 9 joint statement by the business, the asking rate for every level is anywhere between $36 million and $37 million. The offices have a floor-to-ceiling elevation of 2.8 m along with floor-to-ceiling windows giving a 180-degree viewpoint of the area.
Plus Building is a Grade-A business office project in Raffles Place. The 28-storey tower has a 99-year leasehold term with effect from Dec 7, 1989. It has dual front views throughout Cecil Avenue and even Church Street, along with straight sheltered access from the Raffles Place MRT Interchange Terminal. It is within a two-minute walk to the Telok Ayer MRT Terminal.
