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Penthouse office floor at GB Building in CBD for sale at $12.2 mil

By Nur Hikmah Md Ali

/ EdgeProp Singapore |

March 12, 2024 2:58 PM SGT

Located atop the 26-storey commercial building, the strata office floor has a regular, column-free floor plate with exclusive use of the lift lobby (Photo: JLL)

The entire penthouse office floor of the GB Building on 143 Cecil Street has been put up for sale via an expression of interest (EOI) exercise at $12.2 million. According to a March 11 press release by marketing agent JLL, this translates to $2,218 psf based on an approximate strata floor area of 5,500 sq ft.

Located atop the 26-storey commercial building, the strata office floor has a regular, column-free floor plate with exclusive use of the lift lobby. It is fully leased to a commercial school and will be sold with the existing tenancy.

GB Building consists of a retail podium, an office tower, and a three-level basement carpark with 105 lots. Situated at the intersection of Cecil Street and McCallum Street, it offers direct access to Shenton Way and Tanjong Pagar MRT Stations.

Read also: Apac prime office rents fall 3.2% y-o-y in 1Q2024

Alaric Yeo, senior manager at JLL Capital Markets, expects keen interest from business end-users or investors looking to purchase a penthouse office space in CBD due to the CBD area's lack of quality strata office assets.

He adds that the supply of strata office units will likely decrease due to government restrictions on subdividing new commercial properties into central areas and the planned redevelopment of older strata-titled commercial buildings like Maxwell House and Shenton House.

Based on caveats lodged, the most recent sale at GB Building occurred on January 19, when four units on the eighth floor occupying a total of 5,425 sq ft changed hands for $10.74 million ($1,980 psf). This was the only transaction at the development since 2021.

Foreigners can purchase the property without paying additional buyer’s or seller’s stamp duty.

The EOI exercise closes on April 9 at 3pm.

Tags:

CBD Office GB Building

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