Freehold strata office floor at 15 Scotts for sale at $52.5 mil
The last strata workplace level purchase occurred in October 2017, when the whole 18th level at Tong Establishment was yielded $23.3 million to Top Global. Before that, the whole 13th level at Tong Building was offered in May 2016 to the family firm of luxurious watch and also jewelry house Chopard for $25.5 million.
Lee anticipates the trend to remain, given that Orchard Road is one of the crucial areas where strata subdivision is no longer allowed existing developments and also on redevelopment locations. “This ban will even more restrict the supply of good-quality freehold strata offices offered for sale and existing good-quality strata workplace developments such as 15 Scotts will stand to benefit,” Lee includes.
A strata workplace floor at 15 Scotts, a real estate business project in the Orchard Road district, is up for selling using a statement of interest exercise at a sign price of $52.5 million. CBRE is the exclusive marketing representative for the estate.
Previously referred to as Thong Teck Building, 15 Scotts is a nine-storey strata-titled commercial property with a 40m-wide front view along Scotts Streets, off Orchard Streets. The development went through considerable asset enhancement works, consisting of an update of the usual areas and development of the frontage, which was completed in 2015.
Clemence Lee, corporate director of capital industry, Singapore, at CBRE, notices that freehold strata office floors stay strongly demanded by both owner-occupiers and financiers, considered that such possessions are tightly held as well as seldom provided. “Due to their rarity, there have actually been no deals in the last 4 years involving whole strata workplace levels in Orchard Road,” he states.
The property is within walking range of the major Orchard Road retail belt and Orchard MRT Station on the North-South Line. The station can additionally emerge as an interchange for the Thomson-East Coast Line by end-2022.
The strata office level extends 13,734 sq ft, standing for about 12.7% of the overall strata location, or 12.6% of the total share worth of the advancement. Based upon the floor area, the suggestive rate works out to $3,822 psf.
15 Scotts is in addition anticipated to take advantage of the ongoing rejuvenation of the Orchard Road district, which Lee believes will help sustain solid leasing as well as funding appraisal for units at the property development.
The expression of interest exercise for the strata office level at 15 Scotts will finalize on Oct 6 at 3pm.