Prime commercial office located in heart of the CBD with the Tanjong Pagar MRT station at its doorstep
SINGAPORE, 15 February 2019 -- Colliers International (NASDAQ and TSX: CIGI) is pleased to present a rare collection of six adjoining strata offices at International Plaza for sale via private treaty. They are available on a sale and leaseback scheme with immediate annual gross rental yield of 4.2% for at least five years.
Situated in the bustling central business district (CBD), International Plaza – a mixed development comprising residential apartments, offices, a retail podium and a wide variety of F&B options - offers prominent frontage to Anson Road and is well-served by public transport.
The six strata offices, which are located on high floor, have a combined floor area of approximately 6,469 sq ft and a 99-year leasehold tenure with effect from 1970. They also enjoy highly visible lift lobby frontage and have an efficient and regular unit layout.
Mr. Steven Tan (陈添裕), Director, Capital Markets & Investment Services, Colliers International, said, “This is a rare opportunity to own adjoining strata offices in one of the most highly sought-after business locations in Singapore. The Tanjong Pagar precinct, a historically rich neighbourhood, has undergone significant transformation in recent years, becoming more vibrant, cosmopolitan and appealing. We expect the six office units to excite investors, given their excellent location and attributes, as well as the attractive immediate annual gross rental yield of 4.2% for at least five years while they are being leased to a reputable and established company.”
Strategically located above the Tanjong Pagar MRT station and minutes’ walk from the Telok Ayer MRT station, the property enjoys easy access to the rest of Singapore via the East-West Line and the Downtown Line. The development is also well-served by major roads and expressways such as the Ayer Rajah Expressway and the Marina Coastal Expressway.
The guide price for the six refurbished commercial office units has been set at SGD11.968 million or SGD1,850 per square foot (psf) based on floor area. This compares favourably against the average price of SGD1,895 psf achieved for 13 office space transactions at International Plaza over the last six months.
Mr. Tan added, “We believe the six strata offices offered for sale will appeal to astute investors, who are looking to capitalise on the tight CBD office space supply situation in Singapore over the next few years and are keeping an eye on potential upside opportunities over the longer term, as the government’s plans to develop the nearby Greater Southern Waterfront unfold.”
Owing to the property’s commercial-use zoning, foreigners are eligible to purchase the office units. Furthermore, additional buyer’s stamp duty (ABSD) and seller’s stamp duty (SSD) are also not applicable.