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Two floors of Leasehold 999-year Strata Office In Downtown Core for Sale via Expression of Interest

Nandhini Rad • 14/02/2023


Cushman & Wakefield (NYSE: CWK), a leading global real estate services firm has been exclusively appointed for the sale of two full strata office floors located on the top two level of the leasehold 999-year TPI building, 62 Cecil Street. The six-storey commercial development with basement enjoys prominent visibility along Cecil Street- one of the key streets that links Raffles Place to Tanjong Pagar, defined by strong urban forms and street edges.

Conveniently situated between Raffles Place MRT Interchange (NS26/EW14) and Telok Ayer MRT Station (DT18), TPI Building is also minutes from a wide selection of lifestyle and F&B amenities including China Square Food Centre, Market Street Hawker Centre (CapitaSpring), Lau Pa Sat and affordable fine dining and after-hours options along Stanley Street, Telok Ayer and Amoy Street.

According to Mr Shaun Poh 傅子伟, Executive Director of Capital Markets at Cushman & Wakefield “Investors with a long-term view of this area's transformation can pay special attention to the Urban Redevelopment Authority (URA) Urban Design guidelines for Cecil Street subzone. Within the Downtown Core Planning Area, URA has set out Urban Design Guidelines to transform the area as a round-the-clock vibrant commercial district. Built in circa 1983, TPI building has a maximum plot ratio of 12.6, which offers an opportunity for collective sale and/or redevelopment to further extract the underutilised plot ratio, subject to planning approvals.”

The two floors for sale are on Levels 5 and 6; each with a strata area of 3,929 square feet in a regular column free layout held by a single ownership, representing over 30% of the total strata area in TPI building.

The indicative guide price for both floors collectively is at S$30 million, which translates to S$3,818 per square foot. Both floors are fully let to one tenant which allows prospective buyer to recognise immediate rental income.

Poh adds: “With the start of 2023, and post- lunar new year, we are seeing more transaction activities in the strata office market specifically around the CBD area. This is fueled by Singapore’s attractiveness as a wealth hub and the city’s track record in handling the COVID-19 pandemic. Cecil Street will attract more interest as the street goes through rejuvenation with older buildings being redeveloped such as the PIL building.

Furthermore, we observed that foreign investors such as high-net-worth individuals (HNWIs) and family offices prefer longer land tenure properties i.e., 999-year leasehold or freehold, to diversity their geographical risks. Many of these buyers hold assets for own use or simply for long-term capital investment. The opportunity at TPI building presents a palatable investment for such investors to enter the office market without overly concerned with the interest rates environments. Above that, resilient rental growth is likely anticipated within the office sector, driven by strong market demand and a supply backlog in office pipeline residual of the pandemic's effect on construction.”

Foreigners are eligible to purchase the subject property with no Additional Buyer's Stamp Duty (ABSD) or Seller's Stamp Duty (SSD).

The sale will be conducted via an Expression of Interest exercise which closes on 17 March 2023 at 3pm.


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