Medical suites in SBF Center up for sale or lease
By Timothy Tay
/ EdgeProp |
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Eighteen medical suites in SBF Center on Robinson Road have been put up for sale or lease, announced Knight Frank, the sole marketing agent. The average asking price for the units, which sized from 678 sq ft to 2,842 sq ft, is about $4,200 psf, while the average asking rent is $7 psf per month.
The 33-storey mixed-use development comprises 48 medical suites in total across the third to fifth floors. A dedicated lift lobby and direct escalator from the ground floor serve the medical suites. “The current tenancy mix includes medical practices such as physiotherapy, cosmetic surgery, chiropractic and others. There is need for dental and other specialist practices to serve the office workers and residents from the nearby condominiums,” says Mary Sai, executive director of investment & capital markets at Knight Frank.
Medical suites are classified as commercial properties, and foreigners are eligible to purchase this asset without incurring additional buyer’s stamp duty or seller’s stamp duty.
“We expect good response as the average asking rental is affordable,” says Sai. She compares this to recent sale prices of $7,000 psf for medical suites at Novena, with monthly rents of $8 psf to $9 psf.
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