Three strata office floors at 20 Cecil Street up for sale
Three adjoining floors of strata workplace at Plus Establishment, an office space tower at 20 Cecil Avenue in the CBD, are open for sale. Each ground has a gross floor area (GFA) of 11,216 sq ft, that means the consolidated area comprises about 33,648 sq ft.
Plus Building is a Grade-A workplace property development in Raffles Place. The 28-storey tower has a 99-year leasehold term with effect from Dec 7, 1989. It has twin front views along Cecil Avenue and also Church Street, together with direct protected access directly from the Raffles Place MRT Interchange Station. It is possibly even a two-minute stroll to the Telok Ayer MRT Terminal.
Colliers and also PropNex International have been jointly selected to promote the real estate. According to a Jan 9 joint news release by the business, the asking cost for every floor is anywhere between $36 million and $37 million. The office spaces have a floor-to-ceiling height of 2.8 m along with floor-to-ceiling windows giving a 180-degree viewpoint of the area.
Ismail Gafoor, executive chairman and also CEO of PropNex, acknowledges, including that uninhabited full-floor plates in Grade-An offices in the CBD are difficult to come by, specifically in the desired Raffles Spot location. “We have actually viewed solid request from family business offices together with technology business that are moving their offices to Singapore and are finding vacant units for their personal usage, with Raffles Place being actually their top priority,” he notices.
Tang emphasize that limited supply will support a stable rental upside for the building, noting that hires for premium and Grade-A workplaces in the center CBD grew 5.9% y-o-y in 2022. “Investors should take into consideration purchasing several floors to appreciate lasting funding appreciation or to eagerly anticipate the possibility of a collective revenue in the years to come, where they would have more substantial voting rights in this property,” she says.
Tang Wei Leng, administering director and head of capital markets & investment services, Singapore, at Colliers, calls the real property a “rare chance” to acquire strata office in the CBD, which is a securely supported industry. “Presently, the sector is experiencing a strict source of high-grade office supply in the core CBD due to a lack of brand-new supply and even drawback of occurring stock for redevelopment,” she describes. Supply has likewise been even more restricted by the change in state policy to restrict strata neighborhood of business properties in the central location.