Three strata office floors at 20 Cecil Street up for sale
Plus Building is a Grade-An office property development in Raffles Place. The 28-storey tower has a 99-year leasehold tenure with effect from Dec 7, 1989. It has twin front views along Cecil Avenue and Church Road, together with straight sheltered accessibility directly from the Raffles Place MRT Interchange Terminal. It is also a two-minute stroll to the Telok Ayer MRT Station.
Three contiguous floors of strata office at Plus Building, a business office high rise at 20 Cecil Street in the CBD, are up for sale. Each level has a gross floor area (GFA) of 11,216 sq ft, which indicates the mixed room makes up approximately 33,648 sq ft.
Colliers and PropNex International have actually been jointly appointed to advertise the real property. According to a Jan 9 shared statement by the business, the asking cost for every level is anywhere between $36 million and $37 million. The office spaces have a floor-to-ceiling elevation of 2.8 m as well as floor-to-ceiling house windows delivering a 180-degree view of the area.
Tang Wei Leng, managing director as well as head of capital markets & investment services, Singapore, at Colliers, calls the property a “unique possibility” to acquire strata office in the CBD, that is a firmly supported sector. “Currently, the sector is experiencing a limited quantity of high-grade workplace stock in the core CBD because of an absence of new source along with drawback of existing stock for redevelopment,” she discusses. Supply has also been more limited by the adjustment in state protocol to restrict strata class of commercial possessions in the central location.
Tang accentuate that limited source will support a stable rental upside for the building, marking that hires for premium and Grade-An offices in the core CBD increased 5.9% y-o-y in 2022. “Investors ought to consider buying several floors to savor lasting capital appreciation or to look forward to the prospect of a cumulative revenue in the years to come, where they would have much more substantial ballot rights in this property,” she states.
Ismail Gafoor, exec chairman and CEO of PropNex, concurs, adding that vacant full-floor plates in Grade-An offices in the CBD are tough to find by, particularly in the sought after Raffles Place area. “We have observed strong demand from family workplaces together with technology companies that are moving their offices to Singapore and are seeking vacant units for their personal usage, with Raffles Place being actually their top priority,” he observes.
