Freehold strata office floor at 15 Scotts for sale at $52.5 mil
Clemence Lee, corporate head of capital industry, Singapore, at CBRE, indicates that freehold strata office levels continue to be incredibly searched for by both owner-occupiers and also clients, given that such properties are securely held as well as rarely provided. “Due to their rarity, there have been no deals in the last 4 years involving whole strata workplace levels in Orchard Roadway,” he says.
The last strata workplace level deal happened in October 2017, when the entire 18th level at Tong Building was sold for $23.3 million to Top Global. Prior to that, the entire 13th level at Tong Building was marketed in May 2016 to the family firm of high-end watch as well as jewellery house Chopard for $25.5 million.
The strata workplace floor extends 13,734 sq ft, standing for about 12.7% of the overall strata location, or 12.6% of the overall share price of the property. Based upon the floor area, the suggestive price turns out to $3,822 psf.
A strata office level at 15 Scotts, a real estate commercial project in the Orchard Road district, is up for selling using a declaration of interest exercise at a sign price of $52.5 million. CBRE is the premium marketing agent for the commercial property.
Lee prepares for the trend to linger, given that Orchard Road is one of the vital locations where strata neighborhood is no more allowed existing projects and on redevelopment locations. “This restriction will certainly better restrict the supply of good-quality freehold strata workplaces offered for sale as well as existing good-quality strata workplace projects such as 15 Scotts will certainly stand to profit,” Lee puts in.
The real property is in just walking distance of the major Orchard Road shopping belt and also Orchard MRT Station on the North-South Line. The terminal will also turn into an interchange for the Thomson-East Coast Line by end-2022.
Formerly referred to as Thong Teck Building, 15 Scotts is a nine-storey strata-titled profitable property with a 40m-wide frontal along Scotts Road, off Orchard Road. The development undertook extensive asset improvement works, including a refresh of the typical areas as well as improvement of the façade, which was finished in 2015.
15 Scotts is in addition expected to benefit from the ongoing restoration of the Orchard Roadway precinct, which Lee thinks will aid support solid rental and also resources appraisal for units at the development.
The expression of interest exercise for the strata office level at 15 Scotts will close on Oct 6 at 3pm.
