Freehold strata office floor at 15 Scotts for sale at $52.5 mil

Clemence Lee, executive head of capital industry, Singapore, at CBRE, indicates that freehold strata office floors remain very demanded by both owner-occupiers and financiers, given that such properties are firmly held and seldom offered. “Because of their rarity, there have actually been no transactions in the last 4 years including entire strata workplace levels in Orchard Roadway,” he says.

A strata office floor at 15 Scotts, a real estate commercial development in the Orchard Road precinct, is up for sale by means of an expression of interest exercise at an indicative value of $52.5 million. CBRE is the premium advertising agent for the real estate.

The strata workplace floor extends 13,734 sq ft, representing around 12.7% of the total strata location, or 12.6% of the overall share price of the advancement. Based upon the floor area, the suggestive rate works out to $3,822 psf.

Previously known as Thong Teck Building, 15 Scotts is a nine-storey strata-titled commercial property with a 40m-wide front view along Scotts Road, off Orchard Road. The development underwent considerable asset improvement works, consisting of an update of the typical locations as well as development of the front view, which was concluded in 2015.

Lee expects the trend to linger, considered that Orchard Road is one of the vital areas where strata subdivision is no longer admitted existing projects and also on redevelopment areas. “This restriction will certainly even more restrict the supply of good-quality freehold strata facilities available to sell and also existing good-quality strata workplace developments such as 15 Scotts will stand to benefit,” Lee includes.

The real property is throughout walking range of the main Orchard Road retail belt as well as Orchard MRT Terminal on the North-South Line. The terminal will likewise emerge as an interchange for the Thomson-East Coast Line by end-2022.

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The last strata workplace level deal occurred in October 2017, when the entire 18th floor at Tong Establishment was cost $23.3 million to Top Global. Before that, the full 13th floor at Tong Property was sold in May 2016 to the family business of luxurious watch and jewellery house Chopard for $25.5 million.

15 Scotts is in addition projected to benefit from the ongoing renewal of the Orchard Road precinct, which Lee thinks will help support solid leasing and resources appraisal for units at the property development.

The expression of interest exercise for the strata office floor at 15 Scotts will close on Oct 6 at 3pm.

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