Eight office units at Paya Lebar Square on the market for $12.49 mil
By Timothy Tay
/ EdgeProp Singapore |
SINGAPORE (EDGEPROP) - Eight adjoining office units at Paya Lebar Square have been offered for sale at a guide price of $12.49 million. The office units have a combined strata area of 5,469 sq ft, and the indicative price works out to $2,283 psf on the strata area.
CBRE is conducting the sale of the properties by an expression of interest exercise that will close on March 18. The marketing agency says that the properties will be sold collectively as they are leased to a single tenant.
The office units are located on the eighth floor of Paya Lebar Square, a 13-storey, mixed-use development at 60 Paya Lebar Road. The 99-year leasehold building was completed in 2015, and comprises a 10-storey premium office tower above a three-storey retail podium that enjoys a prominent frontage along Paya Lebar Road.
The eight office units are on the eight floor and will be sold collectively. (Picture: CBRE)
Michael Tay, head of capital markets, CBRE Singapore, says that decentralised locations such as Paya Lebar benefit from demand from businesses seeking satellite offices to ensure business continuity in the future, increased cost efficiency and employees’ well-being.
According to Tay, the Paya Lebar area has been rejuvenated, thanks to the new Paya Lebar Quarter integrated development and a repositioning of the neighbouring SingPost Centre. Corporations that have moved into the area include SMRT, IPOS, Great Eastern Life, NTUC Income, Lendlease, Maersk Lines and CBRE.
Check out the latest listings near Paya Lebar Square, Paya Lebar Road
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