Freehold strata office floor at 15 Scotts for sale at $52.5 mil
Clemence Lee, executive director of capital industry, Singapore, at CBRE, notes that freehold strata office storeys remain highly demanded by both owner-occupiers and financiers, considered that such properties are firmly held as well as hardly ever offered. “Due to their rarity, there have been no transactions in the last 4 years entailing entire strata workplace floors in Orchard Roadway,” he says.
A strata office level at 15 Scotts, a real estate business project in the Orchard Road district, is up for selling using a declaration of interest exercise at a sign cost of $52.5 million. CBRE is the premium advertising representative for the real estate.
Lee expects the fad to persist, considered that Orchard Road is amongst the essential locations where strata community is no longer allowed in existing projects and also on redevelopment sites. “This ban will certainly even more limit the supply of good-quality property strata workplaces offered for sale as well as existing good-quality strata office developments such as 15 Scotts will certainly stand to profit,” Lee includes.
The strata workplace level spans 13,734 sq ft, representing roughly 12.7% of the complete strata location, or 12.6% of the total share value of the development. Based on the floor area, the suggestive cost turns out to $3,822 psf.
The last strata workplace level transaction happened in October 2017, when the whole 18th level at Tong Property was cost $23.3 million to Top Global. Before that, the full 13th floor at Tong Building was offered in May 2016 to the family office of luxurious watch and also jewellery house Chopard for $25.5 million.
Previously known as 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 property undertook considerable investment enhancement works, consisting of a brush up of the typical locations and improvement of the frontage, which was concluded in 2015.
The property is in just walking distance of the primary Orchard Road shopping belt and Orchard MRT Station on the North-South Line. The terminal can likewise emerge as an interchange for the Thomson-East Coast Line by end-2022.
15 Scotts is in addition projected to gain from the recurring restoration of the Orchard Road district, which Lee believes will certainly assist support solid leasing as well as capital appreciation for units at the development.
The expression of interest exercise for the strata office floor at 15 Scotts will finalize on Oct 6 at 3pm.