Three strata office floors at 20 Cecil Street up for sale
Colliers and PropNex International have actually been collectively selected to market the real property. According to a Jan 9 mutual announcement by the business, the seeking cost for each floor is in between $36 million and $37 million. The offices have a floor-to-ceiling height of 2.8 m along with floor-to-ceiling house windows offering a 180-degree viewpoint of the town.
Tang Wei Leng, managing director and head of capital markets & investment services, Singapore, at Colliers, calls the property a “unique possibility” to obtain strata office in the CBD, which is a securely held market. “Presently, the industry is experiencing a limited source of high-grade workplace supply in the core CBD as a result of an absence of brand-new supply and even extraction of existing supply for redevelopment,” she discusses. Supply has actually likewise been further limited by the modification in government policy to restrict strata subdivision of business assets in the central area.
Tang accentuate that limited source will support a good rental upside for the property, noting that hires for excellent and Grade-An office spaces in the main CBD expanded 5.9% y-o-y in 2022. “Investors ought to take into consideration purchasing numerous levels to savor lasting investment appraisal or to look forward to the possibility of a collective sale in the years to come, where they would have more considerable voting rights in this property,” she says.
Ismail Gafoor, exec chairman and also chief executive officer of PropNex, acknowledges, including that vacant full-floor plates in Grade-A workplaces in the CBD are difficult to come by, particularly in the coveted Raffles Place area. “We have seen strong interest from family offices together with technology companies that are relocating their offices to Singapore and are looking for vacant units for their personal usage, with Raffles Place being actually their leading priority,” he observes.
Three contiguous floors of strata workplace at Plus Building, a workplace high rise at 20 Cecil Avenue in the CBD, are open for purchase. Each level has a gross floor area (GFA) of 11,216 sq ft, that indicates the mixed room composes approximately 33,648 sq ft.
Plus Building is a Grade-A business office development in Raffles Place. The 28-storey tower has a 99-year leasehold term with effect from Dec 7, 1989. It has twin front views along Cecil Avenue and even Church Road, along with direct sheltered access from the Raffles Place MRT Interchange Station. It is possibly even a two-minute stroll to the Telok Ayer MRT Terminal.
