Perennial Real Estate Holdings has put the penthouse unit at TripleOne Somerset’s Somerset Tower up for sale by EOI. According to CBRE, the appointed marketing agent for the sale, the indicative price for the 10,537 sq ft unit is $31.4 million ($2,980 psf).

The unit will be sold with existing tenancy and the prospective buyer will be able to enjoy a rental yield of 3.5% per annum, says CBRE. The unit is currently leased to global luxury group Kering, which has brands such as Bottega Veneta and Gucci in its stable.

TripleOne Somerset is undergoing an extensive asset enhancement exercise that will involve the revamp of the project’s retail podium and enhancement of connectivity between its carpark, retail area and medical suites. Since this is a commercial property, buyers do not have to pay additional buyer’s stamp duty or seller’s stamp duty for the property. The closing date for the EOI is July 21.

Source: CBRE