Three strata office floors at 20 Cecil Street up for sale
Colliers and PropNex International have been collectively designated to advertise the real property. According to a Jan 9 shared news release by the firms, the asking cost for every floor is in between $36 million and $37 million. The office spaces have a floor-to-ceiling elevation of 2.8 m along with floor-to-ceiling windows giving a 180-degree viewpoint of the city.
Three contiguous floors of strata office at Plus Property, a business office high rise at 20 Cecil Avenue in the CBD, are up for sale. Each level has a gross floor area (GFA) of 11,216 sq ft, that implies the mixed space comprises about 33,648 sq ft.
Tang highlights that limited source will support a stable rental upside for the property, marking that hires for excellent and Grade-An office spaces in the core CBD expanded 5.9% y-o-y in 2022. “Buyers ought to consider buying multiple levels to enjoy long-term funding appreciation or to anticipate the possibility of a collective revenue in the years to come, where they would certainly have extra significant voting rights in this property development,” she claims.
Ismail Gafoor, executive chairman and chief executive officer of PropNex, concurs, including that unused full-floor plates in Grade-An offices in the CBD are tough to come by, especially in the sought after Raffles Spot location. “We have seen sturdy demand from family offices including tech business that are transferring their workplaces to Singapore and are finding unused units for their own usage, with Raffles Place being their leading preference,” he sees.
Tang Wei Leng, administering supervisor as well as head of capital markets & investment services, Singapore, at Colliers, calls the property a “unique opportunity” to obtain strata office space in the CBD, that is a firmly held industry. “Currently, the market is experiencing a tight source of premium office stock in the core CBD because of a lack of new source along with abandonment of occurring supply for redevelopment,” she discusses. Supply has additionally been further limited by the modification in state regulation to limit strata class of commercial assets in the main region.
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 frontages along Cecil Street and also Church Road, along with direct protected gain access to coming from the Raffles Place MRT Interchange Station. It is also a two-minute stroll to the Telok Ayer MRT Terminal.