Freehold strata office floor at 15 Scotts for sale at $52.5 mil
A strata workplace level at 15 Scotts, a real estate business development in the Orchard Road precinct, is up for sale by means of a declaration of interest exercise at a sign rate of $52.5 million. CBRE is the privileged advertising agent for the real estate.
Lee anticipates the fad to continue, considered that Orchard Road is amongst the crucial locations where strata community is no more allowed existing projects as well as on redevelopment locations. “This restriction will better limit the supply of good-quality freehold strata workplaces available for sale as well as existing good-quality strata workplace projects such as 15 Scotts will stand to profit,” Lee includes.
The strata office floor extends 13,734 sq ft, standing for roughly 12.7% of the total strata location, or 12.6% of the total share value of the property. Based upon the floor area, the suggestive price works out to $3,822 psf.
Clemence Lee, executive director of capital markets, Singapore, at CBRE, indicates that freehold strata office floors remain very demanded by both owner-occupiers as well as investors, considered that such possessions are securely held as well as hardly ever provided. “Because of their rarity, there have been no transactions in the last 4 years including entire strata office levels in Orchard Roadway,” he says.
The property is in just walking range of the major Orchard Road purchasing belt and also Orchard MRT Terminal on the North-South Line. The terminal can also end up being an interchange for the Thomson-East Coast Line by end-2022.
Formerly referred to as Thong Teck Building, 15 Scotts is a nine-storey strata-titled business development with a 40m-wide frontage along Scotts Road, off Orchard Road. The property went through substantial asset improvement works, including an update of the usual areas as well as development of the façade, which was completed in 2015.
The last strata office floor purchase happened in October 2017, when the whole 18th level at Tong Property was yielded $23.3 million to Top Global. Prior to that, the entire 13th level at Tong Establishment was sold in May 2016 to the family firm of luxurious watch as well as jewellery house Chopard for $25.5 million.
15 Scotts is even expected to gain from the ongoing rejuvenation of the Orchard Road district, which Lee believes will certainly assist support strong leasing as well as capital appraisal for units at the development.
The expression of interest exercise for the strata office floor at 15 Scotts will close on Oct 6 at 3pm.
