Three strata office floors at 20 Cecil Street up for sale
Colliers and also PropNex International have been collectively designated to promote the real property. According to a Jan 9 shared announcement by the firms, the seeking cost for each floor is anywhere between $36 million and $37 million. The offices have a floor-to-ceiling elevation of 2.8 m as well as floor-to-ceiling home windows delivering a 180-degree sight of the town.
Three contiguous floorings of strata office space at Plus Property, an office space 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 indicates the consolidated space comprises about 33,648 sq ft.
Ismail Gafoor, executive chairman and chief executive officer of PropNex, agrees, including that vacant full-floor plates in Grade-An offices in the CBD are tough to come by, especially in the sought after Raffles Place area. “We have actually seen solid request from family offices and tech companies that are moving their workplaces to Singapore and are seeking vacant units for their own usage, with Raffles Place being actually their top preference,” he sees.
Tang Wei Leng, managing supervisor as well as head of capital markets & investment services, Singapore, at Colliers, calls the property a “rare opportunity” to acquire strata office space in the CBD, that is a securely kept market. “Currently, the industry is experiencing a tight source of high-quality office supply in the main CBD because of a lack of new supply along with drawback of occurring supply for redevelopment,” she discusses. Supply has additionally been more limited by the modification in government protocol to limit strata class of industrial possessions in the main region.
Plus Building is a Grade-A business office development in Raffles Place. The 28-storey high rise has a 99-year leasehold term with effect from Dec 7, 1989. It has double frontals near Cecil Road and also Church Street, together with direct protected access coming from the Raffles Place MRT Interchange Terminal. It is within a two-minute walk to the Telok Ayer MRT Station.
Tang emphasize that tight supply will sustain a good rental upside for the building, indicating that hires for excellent and Grade-An offices in the center CBD increased 5.9% y-o-y in 2022. “Investors must take into consideration buying numerous levels to appreciate long-term funding appreciation or to eagerly anticipate the prospect of a collective revenue in the future, where they would certainly have a lot more substantial voting rights in this property,” she states.