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 period with effect from Dec 7, 1989. It has double frontages along Cecil Avenue and even Church Street, together with straight protected accessibility from the Raffles Place MRT Interchange Terminal. It is also a two-minute walk to the Telok Ayer MRT Station.
Three adjoining floorings of strata office at Plus Property, an office tower at 20 Cecil Street in the CBD, are open for sale. Each floor has a gross floor area (GFA) of 11,216 sq ft, which implies the mixed space makes up around 33,648 sq ft.
Tang accentuate that tight source will sustain a strong rental upside for the building, marking that rents for premium and Grade-A workplaces in the center CBD grew 5.9% y-o-y in 2022. “Investors must consider purchasing numerous floors to enjoy long-lasting investment appraisal or to expect the likelihood of a collective revenue in the years to come, where they would have a lot more significant voting rights in this development,” she says.
Tang Wei Leng, managing supervisor and also head of capital markets & investment services, Singapore, at Colliers, calls the real property a “seldom opportunity” to get strata office space in the CBD, that is a securely supported sector. “Presently, the sector is experiencing a strict source of high-grade office stock in the main CBD due to an absence of new supply and even drawback of existing supply for redevelopment,” she clarifies. Supply has actually additionally been further restricted by the change in state protocol to restrict strata community of business properties in the main region.
Colliers and also PropNex International have actually been jointly selected to market the real property. According to a Jan 9 mutual announcement by the firms, the asking rate for each and every floor is anywhere between $36 million and $37 million. The workplaces have a floor-to-ceiling height of 2.8 m as well as floor-to-ceiling home windows giving a 180-degree view of the city.
Ismail Gafoor, exec chairman and also chief executive officer of PropNex, agrees, incorporating that unused full-floor plates in Grade-A workplaces in the CBD are tough to find by, specifically in the desired Raffles Spot location. “We have actually viewed strong demand from family offices together with technology firms that are relocating their offices to Singapore and are finding vacant units for their own usage, with Raffles Place being their leading goal,” he observes.
