A Spacious Office At The Bencoolen To Be Sold For S$7.8mil
SINGAPORE – Knight Frank announced that it’s set to auction off five strata-titled office units that have been combined into one at The Bencoolen on 16 November 2023 with an asking price of S$7.8 million, reported The Edge on Thursday evening (26 October, SGT).
The five office units collectively measure 4,198 sq ft and are being utilised as a single office until 30 April 2024. Located on the same floor, the commercial space faces the development’s elevator lobby. In particular, they contain a store, pantry, meeting room, reception area, conference room, partitioned workspaces, and general office space.
With a gross floor plot ratio of 4.2, the units are zoned for commercial and residential use. The asset is 99-year leasehold with a balance term of 71 years. This will be the 2nd time the office will be placed on the block following Knight Frank’s auction in October 2023. And instead of a mortgagee sale, it is an owner’s sale.
Notably, The Bencoolen is a mixed-use commercial property in District 7 that consists of a three-level shopping podium, a 12-storey office tower, and a 19-storey residential block. Specifically, the complex contains 70 offices, 95 shop units, and 182 apartments.
According to caveats filed in the past 12 months, units at the development have changed hands for around S$1,608 psf. Over the same period, units there had been leased out for S$3.40 psf to S$6.50 psf per month at an average rental rate of S$5.10 psf per month. Consequently, property owners there usually enjoy a rental yield of 3.8 percent, which exceeds some of the yield of office properties in the area, such as Bylands Building (2.9 percent) and Bugis Cube (3.7 percent).
Knight Frank Singapore’s Head of auctions Sharon Lee revealed that acquiring an entire floor plate in the vicinity is a rarity, and the five office units are in good condition. Also, the restrooms are not included in the aforementioned total floor area.
Despite being located at the outskirts of the city along 180B Bencoolen Street, the development has excellent connectivity. In fact, the complex is just near two MRT stations, namely Bugis and Rochor.