Freehold strata office floor at 15 Scotts for sale at $52.5 mil
Clemence Lee, executive head of capital markets, Singapore, at CBRE, indicates that freehold strata office floors remain highly searched for by both owner-occupiers and also clients, considered that such properties are snugly held and hardly ever made available. “As a result of their rarity, there have been no deals in the last four years entailing entire strata office flats in Orchard Roadway,” he claims.
Previously called Thong Teck Building, 15 Scotts is a nine-storey strata-titled business development with a 40m-wide frontal along Scotts Streets, off Orchard Streets. The development went through substantial investment upgrade functions, consisting of a brush up of the typical areas and also improvement of the frontage, which was completed in 2015.
Lee expects the pattern to linger, considered that Orchard Road is amongst the crucial areas where strata neighborhood is no longer allowed in existing projects and also on redevelopment sites. “This restriction will certainly further restrict the supply of good-quality freehold strata facilities available for sale and also existing good-quality strata office developments such as 15 Scotts will stand to profit,” Lee puts in.
The strata workplace floor spans 13,734 sq ft, representing around 12.7% of the total strata area, or 12.6% of the total share worth of the project. Based upon the floor area, the indicative price turns out to $3,822 psf.
The real property is throughout strolling distance of the major Orchard Road purchasing belt as well as Orchard MRT Station on the North-South Line. The station will likewise emerge as an interchange for the Thomson-East Coast Line by end-2022.
A strata office level at 15 Scotts, a real estate commercial project in the Orchard Road precinct, is up for sale via an expression of interest exercise at a measure value of $52.5 million. CBRE is the exclusive marketing representative for the property.
The last strata workplace floor exchange occurred in October 2017, when the entire 18th level at Tong Building was yielded $23.3 million to Top Global. Before that, the whole 13th level at Tong Property was offered in May 2016 to the family business of luxurious watch and jewelry house Chopard for $25.5 million.
15 Scotts is even expected to gain from the recurring renewal of the Orchard Road district, which Lee thinks will certainly help sustain solid leasing and also funding appreciation for units at the development.
The expression of interest exercise for the strata office floor at 15 Scotts will close on Oct 6 at 3pm.
