Freehold strata office floor at 15 Scotts for sale at $52.5 mil

The property is within walking distance of the primary Orchard Roadway shopping belt and also Orchard MRT Terminal on the North-South Line. The terminal can also end up being an interchange for the Thomson-East Coast Line by end-2022.

The last strata workplace level deal occurred in October 2017, when the entire 18th level at Tong Building was cost $23.3 million to Top Global. Before that, the full 13th floor at Tong Establishment was offered in May 2016 to the family firm of luxury watch as well as jewellery house Chopard for $25.5 million.

Lee prepares for the fad to continue, given that Orchard Road is amongst the essential areas where strata subdivision is no longer allowed existing developments and also on redevelopment sites. “This restriction will additionally restrict the supply of good-quality freehold strata offices offered for sale and also existing good-quality strata workplace projects such as 15 Scotts will stand to profit,” Lee adds.

The Atelier Bukit Sembawang Land Pte Ltd

Clemence Lee, corporate director of capital markets, Singapore, at CBRE, notes that freehold strata office floors remain strongly sought after by both owner-occupiers and investors, given that such possessions are securely held and rarely offered. “As a result of their rarity, there have actually been no transactions in the last 4 years involving entire strata office levels in Orchard Roadway,” he states.

The strata workplace level covers 13,734 sq ft, standing for around 12.7% of the complete strata location, or 12.6% of the total share value of the development. Based on the floor area, the indicative rate works out to $3,822 psf.

Formerly referred to 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 Streets. The development underwent comprehensive asset enhancement functions, consisting of a brush up of the common locations and development of the façade, which was concluded in 2015.

A strata office level at 15 Scotts, a real estate commercial development in the Orchard Road district, is up for sale through an expression of interest exercise at a sign cost of $52.5 million. CBRE is the exclusive advertising agent for the property.

15 Scotts is also expected to gain from the recurring renewal of the Orchard Roadway precinct, which Lee thinks will assist sustain solid service as well as capital appreciation for units at the development.

The expression of interest exercise for the strata office level at 15 Scotts will close on Oct 6 at 3pm.

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