Burlington Square, a mixed development is located at 175A Bencoolen Street.
International property consultant, Colliers International is putting up for sale – by Expression of Interest – 66 strata-titled office units in Burlington Square, a mixed development that is located at 175A Bencoolen Street.
Interested buyers are invited to submit their offer to Colliers International latest by April 18, 2012, at 12.00 pm.
Sitting on a 99-year (w.e.f. June 1996) leasehold site, Burlington Square is a mixed development – comprising a 20-storey residential block, a 12-storey office tower and retail podium. Car parking facilities are located on the second to fourth levels.
The 66 strata office units are distributed over the fifth to twelfth floors of the building and have a total strata area of 67,738 sq ft. Individual unit size ranges from 549 sq ft to 5,221 sq ft. The occupancy rate is close to 90 per cent, at an average monthly gross rent of S$5.80 per sq ft. Meanwhile, new tenancy and renewed leases are achieving a monthly gross rent of up to S$7 per sq ft.
Ms Tang Wei Leng (邓慧玲), Executive Director of Investment Services of Colliers International, says, “The subject property can be sold collectively to a single purchaser or separately to various individual buyers. Indicative price for the subject property is approximately S$101 million, or S$1,500 per sq ft.
Over at Sim Lim Square, which is located just across the subject property, strata-titled units are transacted in the range of S$2,224 per sq ft to S$4,783 per sq ft.
Prime strata-titled office units are limited in stock and command an attractive average gross rental yield of 4-6 per cent. Hence, such units are highly sought after by both investors and business occupiers who prefer more control over their premises – driven further by the current low interest rate environment. In fact, the growing popularity of strata-titled office units is evident from the roaring successes of both new and existing buildings – including PS100, Paya Lebar Square and The Adelphi, among others.”
Ms Tang continues, “We are confident that this is a timely opportunity to purchase a sizeable commercial space in a well-located development.
Given its central location and the concentration of existing commercial schools and amenities in the vicinity, the subject property is suitable for commercial schools. Alternatively, there is also a good potential to convert it to a boarding house or serviced apartments, subject to approval from the relevant authorities.”
Located at the fringe of Central Business District, Burlington Square is easily accessible via Central Expressway, Ayer Rajah Expressway, and the nearby Bugis MRT station and the upcoming Rochor MRT station. The locality comprises a mixture of commercial and residential developments – including Sim Lim Square, The Bencoolen, Fortune Centre and Albert Complex, among others.