Cushman & Wakefield (NYSE: CWK), a leading global real estate services firm is pleased to announce the exclusive sale of the entire ground floor comprising two freehold strata retail units located at 15 Scotts Road, one of Singapore's most prestigious districts via an Expression of Interest.
Formerly known as Thong Teck Building, 15 Scotts is a prime freehold 9-storey commercial building prominently located along the busy thoroughfare of Scotts Road, and surrounded by notable shopping malls, luxury hotels, the American Club, and the Tanglin Club. The building underwent a comprehensive $15 million refurbishment in 2015 that included the upgrade of common areas and a new full-height curtain wall.
According to Cushman & Wakefield’s Q1 2023 market report, island-wide prime retail rents continued to trend up on the back of rising shopper traffic and tenant sales. Orchard prime retail rents could lead growth in 2023, underpinned by a strong tourism recovery and limited new prime retail supply in the pipeline. Singapore’s international visitor arrivals are expected to double to at least 12 million visitors this year from about 6.3 million visitors last year.
Mr. Shaun Poh, 傅子伟, Executive Director of Capital Markets explains: “Prime retail units offer an exceptional investment opportunity for discerning buyers looking to capitalise on Singapore's thriving retail market. The sale presents a unique chance for investors and businesses looking to establish a presence in a highly coveted location. Its freehold status allows for long-term value creation through future redevelopment or enhancement possibilities as the subject site has yet to maximise its plot ratio of 4.9 per URA Master Plan 2019.
Additionally, the efficient floor plates allow for versatility in tenant repositioning to cater to changing demands of consumers. Based on past records, an ancillary café change of use approval was previously supported by relevant authorities.
Most importantly, as strata subdivision of commercial developments in Orchard Road is being restricted, the opportunity to own a piece of prime investment asset such as 15 Scotts is rare.”
The two adjacent ground floor units are currently tenanted to a luxury home interior décor brand and a premium spa facility that occupy a combined strata area of approximately 6,437 sq ft (Unit 1 – approx. 3,186 sq ft, Unit 2 – approx. 3,250 sq ft). Zoned full commercial, foreigners and foreigner companies are eligible to buy without attracting Additional Buyer’s Stamp Duty.
The Expression of Interest exercise will close on Friday, 30 June 2023, 3pm.