Three strata office floors at 20 Cecil Street up for sale
3 contiguous floors of strata office space at Plus Building, a workplace high rise at 20 Cecil Avenue in the CBD, are open for sale. Each floor has a gross floor area (GFA) of 11,216 sq ft, which means the combined space composes around 33,648 sq ft.
Tang highlights that limited supply will sustain a strong rental upside for the building, indicating that rents for excellent and Grade-An office spaces in the core CBD increased 5.9% y-o-y in 2022. “Investors should think about purchasing numerous levels to appreciate lasting investment appreciation or to look forward to the prospect of a collective revenue in the future, where they would certainly have a lot more considerable voting rights in this development,” she claims.
Ismail Gafoor, executive chairman and also CEO of PropNex, consents, adding that uninhabited full-floor plates in Grade-An offices in the CBD are hard ahead by, particularly in the coveted Raffles Spot area. “We have seen sturdy request from family offices including tech business that are relocating their workplaces to Singapore and are seeking available units for their personal use, with Raffles Place being their top goal,” he notices.
Plus Building is a Grade-A workplace property development in Raffles Place. The 28-storey tower has a 99-year leasehold period with effect from Dec 7, 1989. It has double frontals near Cecil Road and even Church Road, together with straight sheltered access directly from the Raffles Place MRT Interchange Station. It is possibly even a two-minute walk to the Telok Ayer MRT Terminal.
Tang Wei Leng, administering supervisor as well as head of capital markets & investment services, Singapore, at Colliers, calls the real property a “unique opportunity” to obtain strata office space in the CBD, which is a securely kept sector. “Currently, the market is experiencing a tight source of top quality office supply in the core CBD due to a lack of brand-new supply and extraction of occurring stock for redevelopment,” she clarifies. Supply has likewise been more limited by the modification in government protocol to limit strata neighborhood of commercial properties in the main region.
Colliers and also PropNex International have actually been collectively selected to advertise the real property. According to a Jan 9 shared statement by the firms, the seeking price for each level is anywhere between $36 million and $37 million. The workplaces have a floor-to-ceiling height of 2.8 m as well as floor-to-ceiling windows giving a 180-degree viewpoint of the city.