Freehold strata office floor at 15 Scotts for sale at $52.5 mil
The last strata office level deal took place in October 2017, when the entire 18th floor at Tong Establishment was sold for $23.3 million to Top Global. Prior to that, the whole 13th floor at Tong Building was marketed in May 2016 to the family firm of luxurious watch and also jewellery house Chopard for $25.5 million.
The real property is in just walking distance of the main Orchard Road buying belt and Orchard MRT Station on the North-South Line. The station will additionally become an interchange for the Thomson-East Coast Line by end-2022.
Clemence Lee, corporate director of capital industry, Singapore, at CBRE, notices that freehold strata office storeys remain very searched for by both owner-occupiers as well as investors, given that such properties are firmly held and seldom made available. “As a result of their rarity, there have been no purchases in the last 4 years involving entire strata workplace floors in Orchard Roadway,” he says.
The strata workplace level covers 13,734 sq ft, standing for about 12.7% of the overall strata area, or 12.6% of the total share market price of the project. Based upon the floor area, the indicative cost works out to $3,822 psf.
Previously referred to as Thong Teck Building, 15 Scotts is a nine-storey strata-titled profitable property with a 40m-wide front view along Scotts Road, off Orchard Streets. The property undertook considerable asset enhancement works, including a refresh of the usual locations as well as enhancement of the façade, which was concluded in 2015.
A strata workplace floor at 15 Scotts, a real estate business development in the Orchard Road district, is up for selling by means of a declaration of interest exercise at a sign rate of $52.5 million. CBRE is the exclusive promotion representative for the commercial property.
Lee prepares for the pattern to persist, considered that Orchard Road is amongst the key areas where strata subdivision is no more allowed existing projects and on redevelopment sites. “This ban will certainly better restrict the supply of good-quality freehold strata facilities offered to sell as well as existing good-quality strata office projects such as 15 Scotts will certainly stand to benefit,” Lee puts in.
15 Scotts is even anticipated to benefit from the continuous renewal of the Orchard Roadway district, which Lee thinks will aid support strong leasing and resources appreciation for units at the property development.
The expression of interest exercise for the strata office floor at 15 Scotts will close on Oct 6 at 3pm.