Freehold strata office floor at 15 Scotts for sale at $52.5 mil

Previously known as 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 property underwent considerable asset enhancement works, consisting of an update of the typical locations as well as enhancement of the front view, which was completed in 2015.

The strata office level covers 13,734 sq ft, representing roughly 12.7% of the total strata location, or 12.6% of the total share worth of the development. Based on the floor area, the indicative price figures out to $3,822 psf.

The last strata office floor transaction took place in October 2017, when the entire 18th floor at Tong Property was cost $23.3 million to Top Global. Before that, the entire 13th floor at Tong Establishment was offered in May 2016 to the family office of high-end watch and also jewelry house Chopard for $25.5 million.

Lee prepares for the pattern to persist, considered that Orchard Road is one of the key areas where strata class is no longer allowed existing developments and also on redevelopment locations. “This restriction will further limit the supply of good-quality freehold strata facilities available to sell and also existing good-quality strata office developments such as 15 Scotts will stand to profit,” Lee adds.

New Port Residences Singapore

Clemence Lee, executive director of capital markets, Singapore, at CBRE, notices that freehold strata office storeys remain incredibly searched for by both owner-occupiers and financiers, given that such assets are securely held as well as seldom made available. “Due to their rarity, there have actually been no transactions in the last 4 years including entire strata office levels in Orchard Roadway,” he claims.

A strata workplace floor at 15 Scotts, a freehold commercial property in the Orchard Road district, is up for sale through a declaration of interest exercise at a measure rate of $52.5 million. CBRE is the premium advertising representative for the commercial property.

The real property is within walking distance of the primary Orchard Roadway shopping belt and Orchard MRT Terminal on the North-South Line. The station will likewise become an interchange for the Thomson-East Coast Line by end-2022.

15 Scotts is in addition assumed to take advantage of the continuous restoration of the Orchard Roadway precinct, which Lee believes will aid support solid leasing as well as resources appreciation for units at the development.

The expression of interest exercise for the strata office level at 15 Scotts will finalize on Oct 6 at 3pm.

error: Content is protected !!