Freehold strata office floor at 15 Scotts for sale at $52.5 mil
A strata office floor at 15 Scotts, a real estate business project in the Orchard Road district, is up for selling using a statement of interest exercise at an indicative rate of $52.5 million. CBRE is the privileged promotion agent for the property.
Lee expects the pattern to continue, given that Orchard Road is amongst the key areas where strata neighborhood is no more allowed in existing projects and on redevelopment locations. “This restriction will certainly better restrain the supply of good-quality freehold strata workplaces available for sale and also existing good-quality strata workplace developments such as 15 Scotts will stand to benefit,” Lee includes.
Clemence Lee, executive director of capital industry, Singapore, at CBRE, indicates that freehold strata office levels remain very sought after by both owner-occupiers and clients, considered that such assets are tightly held and also seldom provided. “Because of their rarity, there have been no deals in the last 4 years entailing whole strata workplace flats in Orchard Roadway,” he says.
The real property is in just strolling distance of the primary Orchard Road retail belt and also Orchard MRT Station on the North-South Line. The station will also turn into an interchange for the Thomson-East Coast Line by end-2022.
The last strata office level exchange occurred in October 2017, when the entire 18th level at Tong Establishment was cost $23.3 million to Top Global. Prior to that, the entire 13th level at Tong Property was offered in May 2016 to the family business of luxurious watch and jewelry house Chopard for $25.5 million.
The strata office floor spans 13,734 sq ft, standing for about 12.7% of the total strata area, or 12.6% of the total share worth of the project. Based upon the floor area, the suggestive cost works out to $3,822 psf.
Previously referred to as Thong Teck Building, 15 Scotts is a nine-storey strata-titled profitable property with a 40m-wide frontage along Scotts Streets, off Orchard Road. The property went through substantial asset upgrade works, including an update of the typical areas and also development of the façade, which was finished in 2015.
15 Scotts is in addition anticipated to gain from the continuous restoration of the Orchard Road precinct, which Lee thinks will assist support strong rental and also funding 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.