2 Office Floors At Springleaf Tower Enters The Market
SINGAPORE – Marketing agent Jones Lang LaSalle (JLL) announced today that 2 office floors within Springleaf Tower have been launched for sale via an expression of interest (EOI) exercise, reported The Business Times on Wednesday noon (6 April, SGT).
The commercial properties have been put up for sale with a guide price of S$54.8 million, which works out to approximately S$2,600 psf based on their combined strata area to 21,054 sq ft. Notably, each office floor measures 10,627 sq ft.
The commercial space was previously leased by United Overseas Insurance, which has relocated to its own building along Robinson Road, disclosed Jones Lang LaSalle.
Springleaf Tower is a 37-storey Grade A office building in Tanjong Pagar that was built in 2002.
Carin Puah, Senior Director of capital markets at JLL Singapore, shared that would-be buyers have the choice of buying the 2 office floors separately or as a bundle. They may also either occupy the commercial spaces or rent them out.
She also believes that the city-state’s prime office assets will continue to record capital appreciation, given the limited availability of such commercial properties and the fact that office rents are rebounding. On top of that, Grade A office properties in Singapore’s Central Business District (CBD) are tightly held.
Moreover, with 75 percent of employees allowed to return to the workplace since 29 March, we believe that the CBD will return to its former pre-COVID vibrancy soon,” she noted.
The EOI exercise for the 2 office floors within Springleaf Tower will close on 20 May at 3pm.