Freehold strata office floor at 15 Scotts for sale at $52.5 mil
The building is in just strolling range of the main Orchard Roadway shopping belt and also Orchard MRT Station on the North-South Line. The terminal will also emerge as an interchange for the Thomson-East Coast Line by end-2022.
Clemence Lee, corporate head of capital industry, Singapore, at CBRE, notes that freehold strata office levels remain very sought after by both owner-occupiers as well as capitalists, given that such assets are snugly held and rarely provided. “Because of their rarity, there have been no transactions in the last four years including entire strata office levels in Orchard Roadway,” he states.
A strata workplace floor at 15 Scotts, a freehold commercial project in the Orchard Road district, is up for selling through a declaration of interest exercise at a sign price of $52.5 million. CBRE is the privileged promotion representative for the real estate.
The strata workplace floor spans 13,734 sq ft, representing around 12.7% of the total strata area, or 12.6% of the total share market price of the development. Based on the floor area, the indicative cost turns out to $3,822 psf.
The last strata workplace level exchange took place in October 2017, when the entire 18th floor at Tong Establishment was sold for $23.3 million to Top Global. Before that, the entire 13th floor at Tong Property was offered in May 2016 to the family firm of high-end watch and also jewelry house Chopard for $25.5 million.
Lee expects the fad to continue, considered that Orchard Road is one of the essential locations where strata community is no longer admitted existing developments as well as on redevelopment sites. “This ban will additionally restrict the supply of good-quality property strata workplaces available to sell and also existing good-quality strata office developments such as 15 Scotts will certainly stand to benefit,” Lee adds.
Formerly referred to as Thong Teck Building, 15 Scotts is a nine-storey strata-titled business property with a 40m-wide front view along Scotts Streets, off Orchard Streets. The development went through comprehensive asset improvement functions, consisting of a refresh of the common locations as well as enhancement of the façade, which was completed in 2015.
15 Scotts is even projected to benefit from the continuous restoration of the Orchard Road district, which Lee thinks will help support strong service and resources 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.
