Freehold strata office floor at 15 Scotts for sale at $52.5 mil
The building is in just strolling range of the primary Orchard Roadway shopping belt as well as Orchard MRT Terminal on the North-South Line. The station will likewise become an interchange for the Thomson-East Coast Line by end-2022.
Lee expects the fad to continue, given that Orchard Road is amongst the crucial areas where strata community is no longer allowed in existing projects as well as on redevelopment areas. “This restriction will better restrain the supply of good-quality freehold strata offices available for sale as well as existing good-quality strata office projects such as 15 Scotts will certainly stand to benefit,” Lee puts in.
The last strata workplace floor deal occurred in October 2017, when the whole 18th floor at Tong Property was yielded $23.3 million to Top Global. Prior to that, the entire 13th level at Tong Establishment was offered in May 2016 to the family office of luxury watch as well as jewelry house Chopard for $25.5 million.
The strata workplace floor covers 13,734 sq ft, representing about 12.7% of the total strata area, or 12.6% of the overall share price of the advancement. Based upon the floor area, the indicative price works out to $3,822 psf.
Clemence Lee, executive head of capital industry, Singapore, at CBRE, notes that freehold strata office storeys remain very demanded by both owner-occupiers as well as investors, given that such properties are tightly held and seldom made available. “Due to their rarity, there have actually been no purchases in the last four years involving entire strata office flats in Orchard Road,” he says.
Formerly referred to as Thong Teck Building, 15 Scotts is a nine-storey strata-titled profitable development with a 40m-wide frontal along Scotts Road, off Orchard Streets. The property underwent extensive asset enhancement works, including a refresh of the common areas as well as enhancement of the front view, which was concluded in 2015.
A strata workplace level at 15 Scotts, a real estate business property in the Orchard Road district, is up for selling by means of a declaration of interest exercise at a sign price of $52.5 million. CBRE is the exclusive advertising representative for the real estate.
15 Scotts is also projected to take advantage of the ongoing rejuvenation of the Orchard Road district, which Lee believes will help support solid service as well as funding appraisal for units at the property development.
The expression of interest exercise for the strata office floor at 15 Scotts will close on Oct 6 at 3pm.