Freehold strata office floor at 15 Scotts for sale at $52.5 mil
The building is throughout strolling range of the main Orchard Road shopping belt and also Orchard MRT Station on the North-South Line. The terminal can also become an interchange for the Thomson-East Coast Line by end-2022.
The last strata office level deal happened in October 2017, when the entire 18th level at Tong Property was yielded $23.3 million to Top Global. Before that, the entire 13th level at Tong Property was marketed in May 2016 to the family business of luxury watch and also jewelry house Chopard for $25.5 million.
Clemence Lee, corporate head of capital industry, Singapore, at CBRE, notices that freehold strata office floors continue to be incredibly sought after by both owner-occupiers and also buyers, given that such possessions are firmly held as well as rarely offered. “Due to their rarity, there have actually been no transactions in the last four years entailing entire strata workplace levels in Orchard Roadway,” he states.
A strata office level at 15 Scotts, a real estate business property in the Orchard Road district, is up for selling via a statement of interest exercise at an indicative value of $52.5 million. CBRE is the privileged marketing agent for the real estate.
Lee anticipates the pattern to persist, given that Orchard Road is amongst the vital areas where strata neighborhood is no longer allowed in existing projects as well as on redevelopment locations. “This ban will better restrain the supply of good-quality property strata workplaces offered for sale and existing good-quality strata workplace projects such as 15 Scotts will stand to profit,” Lee adds.
The strata workplace level spans 13,734 sq ft, representing approximately 12.7% of the total strata area, or 12.6% of the complete share worth of the advancement. Based on the floor area, the indicative rate figures out to $3,822 psf.
Formerly called Thong Teck Building, 15 Scotts is a nine-storey strata-titled profitable property with a 40m-wide frontage along Scotts Road, off Orchard Road. The property went through substantial investment improvement works, including a refresh of the usual locations and development of the frontage, which was completed in 2015.
15 Scotts is also anticipated to gain from the continuous renewal of the Orchard Roadway precinct, which Lee believes will help support strong service and also funding appraisal 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.