Three strata office floors at 20 Cecil Street up for sale
3 contiguous floorings of strata workplace at Plus Building, an office high rise at 20 Cecil Avenue in the CBD, are open for purchase. Each level has a gross floor area (GFA) of 11,216 sq ft, that indicates the consolidated area makes up approximately 33,648 sq ft.
Colliers and PropNex International have actually been collectively assigned to advertise the real estate. According to a Jan 9 mutual press release by the firms, the asking cost for each and every level is anywhere between $36 million and $37 million. The workplaces have a floor-to-ceiling elevation of 2.8 m along with floor-to-ceiling house windows providing a 180-degree sight of the area.
Tang highlights that tight supply will sustain a strong rental upside for the building, noting that hires for excellent and Grade-An offices in the core CBD grew 5.9% y-o-y in 2022. “Buyers ought to think about buying several levels to enjoy lasting capital valuation or to eagerly anticipate the prospect of a cumulative sale in the future, where they would have extra significant ballot rights in this development,” she claims.
Ismail Gafoor, executive chairman and also CEO of PropNex, consents, adding that vacant full-floor plates in Grade-An offices in the CBD are difficult to find by, particularly in the coveted Raffles Spot location. “We have actually seen solid request from family offices and tech firms that are transferring their workplaces to Singapore and are finding unused units for their personal usage, with Raffles Place being actually their top preference,” he notices.
Plus Building is a Grade-A workplace development in Raffles Place. The 28-storey tower has a 99-year leasehold tenure with effect from Dec 7, 1989. It has dual frontals along Cecil Street and Church Street, together with straight protected access coming from the Raffles Place MRT Interchange Station. It is possibly even a two-minute walk to the Telok Ayer MRT Station.
Tang Wei Leng, managing supervisor and also head of capital markets & investment services, Singapore, at Colliers, calls the property a “rare opportunity” to get strata office in the CBD, which is a firmly held sector. “Currently, the industry is experiencing a strict supply of high-quality workplace stock in the center CBD as a result of a lack of brand-new supply and extraction of occurring stock for redevelopment,” she explains. Supply has actually likewise been further restricted by the modification in government protocol to limit strata class of business properties in the central location.
