Freehold strata office floor at 15 Scotts for sale at $52.5 mil
Formerly called Thong Teck Building, 15 Scotts is a nine-storey strata-titled commercial development with a 40m-wide front view along Scotts Streets, off Orchard Road. The development undertook comprehensive investment upgrade works, consisting of an update of the common areas as well as development of the front view, which was finished in 2015.
Clemence Lee, corporate head of capital industry, Singapore, at CBRE, notices that freehold strata office storeys remain very demanded by both owner-occupiers as well as clients, considered that such assets are snugly held and also rarely offered. “Because of their rarity, there have actually been no transactions in the last four years involving entire strata workplace floors in Orchard Road,” he says.
A strata office level at 15 Scotts, a real estate business project in the Orchard Road district, is up for sale using an expression of interest exercise at a measure cost of $52.5 million. CBRE is the exclusive advertising agent for the estate.
Lee anticipates the trend to linger, given that Orchard Road is amongst the essential locations where strata community is no more allowed in existing developments as well as on redevelopment areas. “This restriction will certainly better restrain the supply of good-quality property strata offices available to sell as well as existing good-quality strata office developments such as 15 Scotts will stand to profit,” Lee includes.
The strata workplace level spans 13,734 sq ft, representing roughly 12.7% of the total strata location, or 12.6% of the complete share worth of the advancement. Based on the floor area, the indicative rate works out to $3,822 psf.
The property is in just walking range of the major Orchard Road purchasing belt and also Orchard MRT Station on the North-South Line. The terminal will also become an interchange for the Thomson-East Coast Line by end-2022.
The last strata office floor exchange happened in October 2017, when the whole 18th level at Tong Property was cost $23.3 million to Top Global. Before that, the entire 13th level at Tong Building was sold in May 2016 to the family office of high-end watch as well as jewelry house Chopard for $25.5 million.
15 Scotts is also assumed to benefit from the continuous renewal of the Orchard Roadway precinct, which Lee believes will certainly assist support strong rental and also resources appraisal for units at the development.
The expression of interest exercise for the strata office level at 15 Scotts will close on Oct 6 at 3pm.