Freehold strata office floor at 15 Scotts for sale at $52.5 mil
Clemence Lee, executive director of capital industry, Singapore, at CBRE, notices that freehold strata office storeys stay incredibly demanded by both owner-occupiers and also buyers, given that such possessions are tightly held as well as seldom made available. “Because of their rarity, there have been no purchases in the last 4 years involving entire strata office flats in Orchard Road,” he states.
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 market price of the property. Based upon the floor area, the suggestive rate works out to $3,822 psf.
Previously called Thong Teck Building, 15 Scotts is a nine-storey strata-titled profitable property with a 40m-wide front view along Scotts Streets, off Orchard Streets. The development went through comprehensive asset upgrade works, including an update of the common areas as well as enhancement of the façade, which was finished in 2015.
The real property is within walking distance of the major Orchard Roadway retail belt and also Orchard MRT Terminal on the North-South Line. The station will also emerge as an interchange for the Thomson-East Coast Line by end-2022.
The last strata workplace level exchange happened in October 2017, when the entire 18th level at Tong Establishment was yielded $23.3 million to Top Global. Before that, the whole 13th level at Tong Building was offered in May 2016 to the family business of luxurious watch as well as jewelry house Chopard for $25.5 million.
Lee anticipates the pattern to remain, considered that Orchard Road is among the essential areas where strata subdivision is no longer admitted existing developments and also on redevelopment locations. “This ban will even more restrict the supply of good-quality property strata facilities offered to sell and also existing good-quality strata office developments such as 15 Scotts will certainly stand to benefit,” Lee includes.
A strata workplace level at 15 Scotts, a freehold commercial project in the Orchard Road district, is up for selling using a statement of interest exercise at a measure rate of $52.5 million. CBRE is the privileged promotion agent for the commercial property.
15 Scotts is also expected to gain from the continuous restoration of the Orchard Roadway district, which Lee thinks will certainly aid support solid leasing and also capital appreciation for units at the property development.
The expression of interest exercise for the strata office level at 15 Scotts will close on Oct 6 at 3pm.