Three strata office floors at 20 Cecil Street up for sale
Plus Building is a Grade-A business office property development in Raffles Place. The 28-storey high rise has a 99-year leasehold tenure with effect from Dec 7, 1989. It has twin frontals along Cecil Avenue and also Church Street, along with straight sheltered gain access to directly from the Raffles Place MRT Interchange Terminal. It is within a two-minute stroll to the Telok Ayer MRT Terminal.
Tang emphasize that limited source will sustain a strong rental upside for the building, indicating that hires for excellent and Grade-An office spaces in the core CBD grew 5.9% y-o-y in 2022. “Investors ought to take into consideration purchasing several floors to enjoy long-term capital appraisal or to expect the possibility of a cumulative revenue in the years to come, where they would have more significant voting rights in this development,” she says.
Colliers and also PropNex International have been jointly assigned to market the real estate. According to a Jan 9 mutual statement by the companies, the seeking price for every floor is anywhere between $36 million and $37 million. The offices have a floor-to-ceiling height of 2.8 m along with floor-to-ceiling home windows giving a 180-degree sight of the city.
Tang Wei Leng, managing director and also head of capital markets & investment services, Singapore, at Colliers, calls the real property a “seldom chance” to acquire strata office in the CBD, that is a tightly kept industry. “Presently, the industry is experiencing a tight supply of top quality workplace supply in the center CBD due to an absence of new supply and abandonment of occurring stock for redevelopment,” she explains. Supply has also been more restricted by the modification in government protocol to limit strata subdivision of commercial assets in the central location.
Ismail Gafoor, exec chairman and also chief executive officer of PropNex, concurs, including that vacant full-floor plates in Grade-A workplaces in the CBD are difficult ahead by, specifically in the desired Raffles Spot location. “We have seen sturdy request from family workplaces together with technology firms that are relocating their workplaces to Singapore and are finding vacant units for their personal use, with Raffles Place being their leading goal,” he sees.
Three adjoining floorings of strata office space at Plus Establishment, a workplace high rise at 20 Cecil Avenue in the CBD, are open for sale. Each ground has a gross floor area (GFA) of 11,216 sq ft, which implies the consolidated area composes about 33,648 sq ft.