Three strata office floors at 20 Cecil Street up for sale

Three adjoining floors of strata workplace at Plus Property, a business office high rise at 20 Cecil Avenue in the CBD, are up for sale. Each level has a gross floor area (GFA) of 11,216 sq ft, that means the combined area comprises about 33,648 sq ft.

Tang Wei Leng, administering director and also head of capital markets & investment services, Singapore, at Colliers, calls the real property a “seldom chance” to acquire strata workplace in the CBD, that is a securely supported industry. “Presently, the sector is experiencing a strict quantity of top quality office supply in the core CBD due to a lack of brand-new source and even extraction of occurring stock for redevelopment,” she discusses. Supply has actually likewise been more limited by the adjustment in state policy to restrict strata neighborhood of commercial assets in the central region.

Colliers as well as PropNex International have actually been collectively assigned to promote the real estate. According to a Jan 9 shared statement by the companies, the asking price for each and every floor is anywhere between $36 million and $37 million. The workplaces have a floor-to-ceiling elevation of 2.8 m along with floor-to-ceiling windows providing a 180-degree view of the town.

Plus Building is a Grade-An office project in Raffles Place. The 28-storey tower has a 99-year leasehold tenure with effect from Dec 7, 1989. It has dual front views around Cecil Road and also Church Road, along with straight sheltered gain access to from the Raffles Place MRT Interchange Station. It is also a two-minute walk to the Telok Ayer MRT Terminal.

Ismail Gafoor, executive chairman and also CEO of PropNex, agrees, including that vacant full-floor plates in Grade-An offices in the CBD are tough to find by, specifically in the desired Raffles Place location. “We have viewed solid interest from family business offices including technology firms that are moving their offices to Singapore and are looking for vacant units for their own usage, with Raffles Place being their leading priority,” he observes.

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Tang highlights that limited supply will sustain a good rental upside for the property, indicating that rentals for premium and Grade-An office spaces in the center CBD expanded 5.9% y-o-y in 2022. “Buyers should take into consideration purchasing several floors to savor long-term investment valuation or to anticipate the likelihood of a cumulative revenue in the future, where they would certainly have more substantial voting rights in this property,” she states.

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