Freehold strata office floor at 15 Scotts for sale at $52.5 mil
Clemence Lee, corporate director of capital markets, Singapore, at CBRE, notes that freehold strata office levels stay highly demanded by both owner-occupiers and investors, considered that such properties are tightly held and seldom offered. “Because of their rarity, there have been no purchases in the last four years entailing entire strata office flats in Orchard Roadway,” he says.
The last strata office floor deal took place in October 2017, when the whole 18th floor at Tong Establishment was cost $23.3 million to Top Global. Prior to that, the whole 13th floor at Tong Building was marketed in May 2016 to the family firm of high-end watch and also jewellery house Chopard for $25.5 million.
Previously known as Thong Teck Building, 15 Scotts is a nine-storey strata-titled commercial property with a 40m-wide front view along Scotts Streets, off Orchard Streets. The development underwent comprehensive asset enhancement works, consisting of an update of the typical areas and enhancement of the frontage, which was finished in 2015.
The strata workplace level extends 13,734 sq ft, representing about 12.7% of the total strata area, or 12.6% of the overall share market price of the project. Based upon the floor area, the suggestive rate turns out to $3,822 psf.
Lee expects the pattern to continue, considered that Orchard Road is amongst the essential areas where strata community is no longer admitted existing developments as well as on redevelopment locations. “This restriction will certainly even more restrain the supply of good-quality freehold strata workplaces available for sale and also existing good-quality strata workplace projects such as 15 Scotts will certainly stand to benefit,” Lee adds.
The property is throughout walking distance of the primary Orchard Roadway shopping belt and Orchard MRT Terminal on the North-South Line. The terminal will also turn into an interchange for the Thomson-East Coast Line by end-2022.
A strata workplace floor at 15 Scotts, a real estate business development in the Orchard Road district, is up for sale by means of a declaration of interest exercise at a sign value of $52.5 million. CBRE is the exclusive promotion agent for the commercial property.
15 Scotts is even expected to take advantage of the recurring restoration of the Orchard Road district, which Lee thinks will certainly aid sustain strong rental and also funding 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.
