A strata office portfolio, comprising a three-storey podium block and three office floors in the GB Building on Cecil Street, is up for sale. The GB Building is a 26-storey commercial building consisting of the podium and a 23-storey office tower. The first two floors of the three-storey podium have a guide price of $3,200 psf. The podium’s 3rd floor, as well as the offices on the 4th, 8th, and 12th floors, have a guide price of $2,000 psf.
(Pictures: CBRE)
Each floor comprises a single strata title that can be partitioned into smaller units. The portfolio consists of five strata-titled units with areas ranging from 3,294 sq ft to 13,067 sq ft, for a combined total of 39,590 sq ft. They also command 27.3% of the Management Corporation Strata Title (MCST) share value.
The sale is not subject to Additional Buyer’s Stamp Duty and Seller’s Stamp Duty, and are eligible for purchase by local and foreign buyers.
Recent strata office transactions at SBF Centre, located next to GB Building, were in the range of $2,800 to $3,053 psf, says Sammi Lim, director of capital markets at CBRE. “Podium floors are rarely available for sale, and the last such transaction in the CBD was at Prudential Tower in 2017, which was sold at about $3,316 psf,” she adds.
The expression of interest will close on September 5.