8 Office Units In Paya Lebar Square Launched For Sale
SINGAPORE – Eight neighbouring office units in Paya Lebar Square with a total strata floor area of about 5,469 sq ft have been launched for sale via an Expression of Interest (EOI) exercise, according to a press release published by sole marketing agent CBRE last week.
Situated on the 8th floor, the 8 premium office units are presently fully tenanted, giving the buyer a steady rental income. Still, the properties can be offloaded individually in the future.
Moreover, both locals and foreigners are allowed to acquire the office units and there’s no need to pay additional buyers’ stamp duty (ABSD) or sellers’ stamp duty (SSD) as the properties are zoned for commercial use.
“Despite the current work-from-home (WFH) requirement imposed by the government, CBRE opines that demand for office space in Singapore will be sustainable in the mid- to long-term,” said the property consultancy’s Head of capital markets here, Michael Tay.
“Businesses are recognizing the inherent value of having employees back in offices for effective collaboration, and for fostering a strong company culture and identity. Decentralized locations, such as Paya Lebar, will further benefit from demand by organizations seeking satellite offices to ensure business continuity, increase cost efficiency as well as improve employees’ well-being,” he explained.
Paya Lebar Square is a 13-storey mixed-use project consisting of a 10-storey office tower located above a 3-level retail podium. Apart from having prominent frontage along Paya Lebar Road, it was certified as Green Mark Gold Plus by the Building and Construction Authority (BCA) in 2013. The development has a 99-year leasehold tenure commencing in July 2011, and it was completed in 2015.
The integrated project along 60 Paya Lebar Road is also connected to the Paya Lebar MRT Interchange via a sheltered access. It is merely 6 train stops or a 10-minute drive by car to Singapore’s Raffles Place within the central business district (CBD).
CBRE noted that transit-oriented projects at the city outskirts like Paya Lebar Square are highly appealing to business owners due to their proximity to amenities for office occupiers as well as last-mile transportation, which are vital for attracting and retaining talent.
Furthermore, the entire Paya Lebar precinct has been made more vibrant thanks to new projects like Park Place Residences, Paya Lebar Quarter, and the successfully transformed Singapore Post Centre. In fact, the rejuvenation of this dynamic decentralized business hub has attracted many local and multinational companies, including IPOS, SMRT, Lendlease, Maersk Lines, and Great Eastern Life NTUC Income.
“We have observed remarkable growth in the Paya Lebar precinct in recent years. With Paya Lebar Square being the only strata-titled office building in this area, coupled with the rarity of such sizeable, contiguous space available for sale, this offering presents a compelling opportunity to both investors and owner-occupiers, who are seeking quality and strong yielding assets with a mid- to long-term view of potential rental and capital appreciation. The high occupancy seen in Paya Lebar precinct will further instil confidence in this location,” added Tay.
The EOI exercise for the office units will close at 3pm on 18 March 2021.