Freehold strata office floor at 15 Scotts for sale at $52.5 mil
The building is within strolling range of the main Orchard Roadway shopping belt and also Orchard MRT Station on the North-South Line. The station can additionally become an interchange for the Thomson-East Coast Line by end-2022.
Previously known as Thong Teck Building, 15 Scotts is a nine-storey strata-titled commercial property with a 40m-wide front view along Scotts Road, off Orchard Road. The property underwent substantial asset improvement works, including an update of the common areas as well as enhancement of the frontage, which was finished in 2015.
The strata workplace floor spans 13,734 sq ft, representing roughly 12.7% of the overall strata area, or 12.6% of the total share price of the property. Based upon the floor area, the suggestive price turns out to $3,822 psf.
A strata office floor at 15 Scotts, a freehold commercial development in the Orchard Road precinct, is up for selling via a statement of interest exercise at an indicative rate of $52.5 million. CBRE is the premium marketing agent for the commercial property.
Clemence Lee, executive head of capital industry, Singapore, at CBRE, notices that freehold strata office levels continue to be incredibly demanded by both owner-occupiers and investors, given that such assets are snugly held and also hardly ever offered. “Because of their rarity, there have actually been no purchases in the last four years entailing entire strata workplace flats in Orchard Roadway,” he says.
The last strata workplace level transaction occurred in October 2017, when the entire 18th floor at Tong Establishment was sold for $23.3 million to Top Global. Prior to that, the whole 13th level at Tong Building was sold in May 2016 to the family office of luxury watch as well as jewellery house Chopard for $25.5 million.
Lee expects the pattern to linger, considered that Orchard Road is amongst the essential areas where strata neighborhood is no longer allowed existing developments as well as on redevelopment areas. “This restriction will better restrain the supply of good-quality property strata workplaces offered to sell and also existing good-quality strata workplace projects such as 15 Scotts will certainly stand to benefit,” Lee puts in.
15 Scotts is in addition expected to benefit from the continuous rejuvenation of the Orchard Road district, which Lee believes will certainly assist sustain solid rental and capital appreciation 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.