Three strata office floors at 20 Cecil Street up for sale
Ismail Gafoor, executive chairman and chief executive officer of PropNex, concurs, incorporating that vacant full-floor plates in Grade-An offices in the CBD are hard to come by, specifically in the sought after Raffles Place area. “We have actually seen solid request from family offices and technology business that are transferring their workplaces to Singapore and are finding available units for their personal use, with Raffles Place being actually their top goal,” he sees.
Tang emphasize that limited source will sustain a good rental upside for the property, marking that rentals for excellent and Grade-An office spaces in the core CBD expanded 5.9% y-o-y in 2022. “Buyers must consider buying several levels to appreciate long-term capital appraisal or to expect the possibility of a collective revenue in the years to come, where they would certainly have more considerable voting rights in this property development,” she says.
Tang Wei Leng, administering supervisor and head of capital markets & investment services, Singapore, at Colliers, calls the real property a “seldom opportunity” to acquire strata office space in the CBD, which is a securely held industry. “Presently, the market is experiencing a limited source of high-grade office supply in the center CBD as a result of a lack of brand-new source and withdrawal of existing supply for redevelopment,” she explains. Supply has additionally been even more restricted by the adjustment in government protocol to restrict strata class of commercial assets in the main area.
The Landmark Condo Chin Swee Road
Three adjoining floorings of strata office space at Plus Property, an office space tower at 20 Cecil Street in the CBD, are open for purchase. Each ground has a gross floor area (GFA) of 11,216 sq ft, that implies the mixed area makes up around 33,648 sq ft.
Colliers and PropNex International have been collectively assigned to promote the real estate. According to a Jan 9 mutual press release by the business, the asking price for each and every level is anywhere between $36 million and $37 million. The office spaces have a floor-to-ceiling height of 2.8 m in addition to floor-to-ceiling house windows offering a 180-degree view of the area.
Plus Building is a Grade-A business office project in Raffles Place. The 28-storey tower has a 99-year leasehold period with effect from Dec 7, 1989. It has double frontals along Cecil Street and even Church Street, together with direct protected accessibility coming from the Raffles Place MRT Interchange Terminal. It is also a two-minute stroll to the Telok Ayer MRT Station.
