Two 999-year leasehold strata workplace stories at TPI Bldg in Cecil St are put up for transaction using expression of interest at a sign value of $Thirty million.
CBRE is certainly the distinctive marketing and advertising professional for the property.
The two levels available are found on the peak two stories of the 6 storey office space building. Respective story has a strata size of 3thousand 9hundred 29 sq ft also features a column-free format.
Together, both the stories have a whole strata size of Seven thousand Eight hundred Fifty Eight sq ft, and that stands for 31 % in reference to the complete strata area of the property development. Based in the total strata surface area, the denotive pricing translates to $3,818 per sq feet.
Basing on to CBRE, the 2 stories, that own existing tenancies, are simply being marketed together or individually. Immigrants are allowed to secure by having no additional buyer’s tax or seller’s tax enforced on the commercial building activity.
Clemence Lee, Snr Dir, capital markets, S’pore, at CBRE, states that the building is an uncommon chance and furthermore looks forward to solid attention for the two stories.
“There are merely a few of Nine hundred Ninety Nine yr or lease free strata office complex situated among the Central Biz District. Over the years, the majority of these types have actually gotten secured by wealthy people or family business offices for permanent investment,” he says further.
He similarly brings up that under URA’s Master Plan 2019, TPI bldg carries a highest PR of 12.6. “Granted the present under-utilised plot ratio of 6.8 and also alongside only 3 some other property owners inside the property, certainly there is possibility for every one of the owners to enter with each other to either mutually reconstruct or maybe recondition the structure or to set out a cooperative sale,” he summarizes.
TPI Bldg is placed somewhere between Telok Ayer MRT Terminal plus Raffles Place train Interchange, all of that are no more than a five-minute walk apart. The building is also neighboring Food and beverage amenities such as Lau Pa Sat plus the Amoy/Telok Ayer Street dining territory.
The EOI exercise are going to cease on Mar24 at 1500hrs.