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 business development with a 40m-wide frontage along Scotts Road, off Orchard Road. The development underwent considerable asset improvement functions, including an update of the usual locations as well as development of the front view, which was concluded in 2015.
The last strata workplace floor purchase took place in October 2017, when the whole 18th level at Tong Property was cost $23.3 million to Top Global. Before that, the whole 13th level at Tong Building was offered in May 2016 to the family business of luxurious watch as well as jewelry house Chopard for $25.5 million.
The strata workplace level covers 13,734 sq ft, representing roughly 12.7% of the overall strata location, or 12.6% of the complete share price of the property. Based upon the floor area, the indicative rate works out to $3,822 psf.
Clemence Lee, corporate director of capital industry, Singapore, at CBRE, notes that freehold strata office floors stay very searched for by both owner-occupiers as well as buyers, given that such properties are securely held as well as seldom provided. “Because of their rarity, there have actually been no purchases in the last 4 years entailing whole strata workplace levels in Orchard Road,” he states.
Lee anticipates the trend to remain, given that Orchard Road is one of the key areas where strata neighborhood is no longer allowed existing developments as well as on redevelopment locations. “This restriction will certainly better restrain the supply of good-quality freehold strata offices available for sale and also existing good-quality strata workplace developments such as 15 Scotts will certainly stand to profit,” Lee puts in.
A strata office level at 15 Scotts, a real estate commercial project in the Orchard Road district, is up for sale through a statement of interest exercise at a sign cost of $52.5 million. CBRE is the privileged advertising agent for the property.
The building is within walking distance of the primary Orchard Roadway buying belt and Orchard MRT Terminal on the North-South Line. The station can likewise become an interchange for the Thomson-East Coast Line by end-2022.
15 Scotts is in addition projected to gain from the continuous rejuvenation of the Orchard Roadway precinct, which Lee thinks will certainly assist support strong leasing and capital appreciation 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.
