Each floor has a strata area of 3,929 sq ft and the price translates to $3,818 psf. (Picture: Cushman & Wakefield)
SINGAPORE (EDGEPROP) - The top two office floors of the six-storey TPI Building on Cecil Street are on the market for $30 million, according to a press release from Cushman & Wakefield, the marketing agent. Each floor has a strata area of 3,929 sq ft and the price translates to $3,818 psf.
Read also: Two strata office floors at Raffles Place for sale at $30 mil
TPI Building at 62 Cecil Street is a 999-year leasehold commercial development that is near the junction of Cecil Street and Cross Street. It is close to both Raffles Place MRT Interchange on the North-South and East-West Lines, as well as Telok Ayer Station on the Downtown Line. It is also close to a variety of F&B amenities found at nearby China Square, CapitaSpring, Lau Pa Sat, Stanley Street, and Amoy Street.
According to Shaun Poh, executive director of capital markets at Cushman & Wakefield, the Cecil Street subzone is primed for rejuvenation under the URA’s Urban Design Guidelines to transform the area into a more vibrant commercial and residential district. (Find Singapore commercial properties with our commercial directory)
The two strata office floors represent approximately 30% of the total strata area of TPI Building. Both floors are currently fully let to a single tenant which allows the new owner to rake in immediate rental income, says Cushman & Wakefield.
Prime, long-lease office assets in the CBD continue to draw in high net-worth investors as a safe asset amid high interest rates and uncertain macroeconomic forecasts. (Map: EdgeProp Landlens)
“With the start of 2023, and after the Lunar New Year, we are seeing more transaction activities in the strata office market specifically around the CBD area,” says Poh. “Cecil Street will attract more interest as the street goes through rejuvenation, with older buildings being redeveloped.”
He adds that this asset should appeal to high-net-worth individuals and family offices due to its long tenure, as they can hold such assets for their own use or as long-term capital investments.
“The opportunity at TPI building presents a palatable investment for such investors to enter the office market without overly concerned with the interest rate environments. Above that, resilient rental growth is likely anticipated within the office sector, driven by strong market demand and a supply backlog in the office pipeline,” says Poh.
The sale of the strata office floors will close on March 17.
Check out the latest listings near TPI Building, Raffles Place MRT Interchange, Telok Ayer MRT Station