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8 Strata Office Lots at 15 Scotts Sold for $31.93 million

Shaun Poh • 04/10/2021

Cushman & Wakefield, a leading global real estate services firm is pleased to announce that it has successfully brokered the private treaty sale of 8 strata office lots at 15 Scotts for $31.93 million, or approximately $3,700 psf on strata area, to a consortium of buyers, some with the intent to set up their family offices there.

Cushman & Wakefield, a leading global real estate services firm is pleased to announce that it has successfully brokered the private treaty sale of 8 strata office lots at 15 Scotts for $31.93 million, or approximately $3,700 psf on strata area, to a consortium of buyers, some with the intent to set up their family offices there.

Formerly known as Thong Teck Building, the freehold 9-storey commercial building is situated at 15 Scotts Road and prominently located within the Orchard Road vicinity. The building has recently completed a comprehensive refurbishment, including retrofitting of the common areas and changing the exterior façade to fully glazed curtain wall.

The 8 strata office lots that were transacted - comprising vacant and tenanted units - span across levels 6 and 7, with a total strata area of 8,643 sf. Following the success of the latest sales, Cushman and Wakefield is putting up additional 14 strata office lots at 15 Scotts with sizes ranging from 614 sf to 22,227 sf on various floors for sale, as well as the entire ground floor retail space which is fully leased currently. The indicative prices start from just $2.4 million.

Mr. Shaun Poh, Executive Director of Capital Markets at Cushman & Wakefield said, “There was keen interest in the property as there are extremely limited good quality freehold strata office units available for sale in Orchard Road, presenting a rare opportunity for investors to establish a foothold within the tightly-held Orchard road submarket. Furthermore, with the current plot ratio of the building not fully utilized to the Master Plan’s plot ratio of 4.9, there is great potential for investors to benefit from a collective sale exercise in the future.”

With no new office supply expected to enter the Orchard Road submarket from 2021 to 2023, 15 Scotts is possibly the best available freehold strata office opportunity with vacant or tenanted options, appealing to owner-occupiers and investors alike.

Furthermore, as the land is zoned for commercial use, foreigners are eligible to purchase the strata units. There is also no additional buyer’s stamp duty (ABSD) or seller’s stamp duty (SSD) imposed on the purchase.

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