Portfolio of 32 strata office units at Manhattan House sold for $14.79 mil
The commercial building has a 99-year lease with effect from 1969. Hence, it has 43 standing years. Based on latest advertisements, monthly asking rents for units vary from $3.16 psf to $4.02 psf.
Found in the CBD fringe, Manhattan House is within walking range of the Chinatown MRT Interchange Station on the Downtown and North East Lines. It is additionally beside Pearl’s Hill City Park.
Under the 2019 Master Plan, the 4167.7 sq m (44,861 sq ft) site is zoned “commercial” with a gross plot ratio of 4.7. However, URA has indicated that the site may be rezoned to “residential with retail at first storey”, with a considerable portion of the site supported for a residential tower of as much as 30 storeys with a maximum gross floor area of around 21,000 sq m (226,044 sq ft).
Based on property title searches, the purchaser of the strata units is Abwin (HP) Pte Ltd, an entity linked to among the largest sized used car dealerships in Singapore, that also provides motor financing and hire acquisition.
The buyers are most likely to be investors, hoping to take a position in case of an effective en bloc sale of the property in the future. The units on the third floor manage 9% of the complete strata location of the structure, and 13% of the total share worth.
The units are part of a portfolio of 33 strata office units that were released for sale last October by top notch advertising and marketing agency ETC. The guide cost was after that $24.5 million. The units offered array from 323 sq ft to 850 sq ft. Based on the overall strata location of 19,547 sq ft, the overview cost turned out to $1,250 psf.
Manhattan House has a total amount of 269 strata office units. The 99-year leasehold structure was finished in 1976. It was first put on the market for collective sale in September 2019 for $300 million. In January 2023, a second cumulative sale attempt was made at a reserve price of $280 million with JLL as the marketing agency. Nevertheless, there were no takers back then.
The office units appear to have been offered in two batches, with 16 negotiated for a total of $7.531 million on June 27, and yet another 16 units on July 4 for $7.262 million.
A portfolio of 32 strata office units on the third floor of Manhattan House, a 16-storey commercial structure on Chin Swee Road. Based on cautions lodged, the 32 units were sold for a total of $14.793 million or an ordinary cost of $783 psf, based upon caveats lodged as of August 5.
Swee Shou Fern, head of investment advisory at ETC, who realtored the sale, claims that the 32 strata office units were bought “for financial investment”. Nevertheless, she waned to comment on the customer.
