SINGAPORE (EDGEPROP) - Two 999-year leasehold strata office floors at TPI Building on Cecil Street are up for sale via expression of interest at an indicative price of $30 million.

See also: Prime office rents chart second quarter of growth in 4Q2021: Knight Frank

CBRE is the exclusive marketing agent for the property.

The two floors for sale are located on the top two levels of the six-storey office building. Each floor has a strata area of 3,929 sq ft and features a column-free layout.

Together, both floors have a total strata area of 7,858 sq ft, which represents 31% of the entire strata area of the development. Based on the total strata area, the indicative price translates to $3,818 psf.

According to CBRE, the two floors, which have existing tenancies, are to be sold collectively or individually. Foreigners are eligible to purchase with no additional buyer’s stamp duty (ABSD) or seller’s stamp duty (SSD) imposed on the commercial property transaction. (Find Singapore commercial properties with our commercial directory)

Clemence Lee, senior director, capital markets, Singapore, at CBRE, says that the property is a rare opportunity and expects strong interest for the two floors.

“There are only a handful of 999-year or freehold strata office buildings located within the CBD. Over the years, most of [these] have been purchased by high-net-worth individuals or family offices for long-term investment,” he adds.

He also points out that under URA’s Master Plan 2019, TPI building has a maximum plot ratio of 12.6. “Given the existing under-utilised plot ratio of 6.8 and with only three other owners within the building, there is opportunity for all the owners to come together to either jointly redevelop or refurbish the building or to embark on a collective sale,” he explains.

TPI Building is located between Telok Ayer MRT Station and Raffles Place MRT Interchange, both of which are less than a five-minute walk away. The building is also near F&B amenities including Lau Pa Sat and the Amoy/Telok Ayer Street dining enclave.

The expression of Interest exercise will close on March 24 at 3pm.

Check out the latest listings near TPI Building, Telok Ayer MRT Station, Raffles Place MRT Interchange