The ground floor commercial space of Grand Building at 17 Phillip Street is on the market for $18 million ($6,147 psf), says marketing agent Edmund Tie & Company (ET&Co). The unit has a 2,928 sq ft floor area which spans the entire ground floor of the 11-storey building. It is currently tenanted to a Teochew restaurant called Chao Shan Cuisine.
The building is located in the Raffles Place area in the centre of the Central Business District. The strata space has prominent street level visibility and enjoys high footfall from the surrounding office buildings. The Raffles Place MRT interchange is also a three-min walk away. “Prime ground floor commercial space in the core CBD area is tightly held and rarely available for sale. There is no offering of properties with similar attributes in Raffles Place,” says Swee Shou Fern, ET&Co’s senior director of investment advisory. She points out that a ground floor unit at The Arcade along the nearby Collyer Quay was recently sold for $15,097 psf.
The strata unit is on the ground floor of the Grand Building (Picture: ET&Co)
The property is ideal for end users looking to operate their business in the established, high-traffic area. It could also be for an investor looking to own an asset with strong tenant profile and stable rental income, she says. Foreigners are eligible to purchase the unit, and will not be subject to Additional Buyer’s Stamp Duty or Seller’s Stamp Duty.
The tender closes on Dec 5.