Grand Bldg In Singapore’s CBD Launched For En Bloc Sale For S$195m

SINGAPORE – Grand Building, an office property within the city-state’s central business district (CBD), has been put for collective sale with a guide price of S$195 million, according to a press release publish by marketing agent Edmund Tie & Company on Thursday morning (28 October, SGT).

Located at Phillip Street within the heart of Raffles Place, the prime commercial property stands on a 5,313 sq ft site. The land parcel has a plot ratio 15 and has a building height control of over 50 storeys. As it’s zoned for commercial use, no additional buyer’s stamp duty (ABSD) is payable on the transaction, and foreigners are permitted to purchase the property.

Landmark buildings in the immediate vicinity of Grand Building include UOB Plaza, OCBC Centre, One Raffles Place, Republic Plaza, and the upcoming CapitaSpring project. In addition, the office building is just a stone’s throw from Raffles Place MRT Interchange and Telok Ayer MRT Station.

“As commercial properties in Raffles Place are tightly held by their owners, Grand Building offers a rare and exceptional opportunity for investors to secure a commercial real estate at an affordable quantum in the Raffles Place within the CBD,” said Edmund Tie’s Executive Director of Investment Advisory, Swee Shou Fern.

“We also expect keen interest from companies seeking to own a corporate headquarters with a strong presence in the core city centre with potential naming and signage rights for the building,” she noted.

Apart from being a rarely available prime commercial property, Edmund Tie said Grand Building is expected to benefit from the Urban Redevelopment Authority’s (URA) CBD Incentive Scheme, which aims to reposition Singapore’s CBD as a mixed-use district that is a bustling place to work, live, and play round the clock.

The tender for Grand Building shall close at 3:00pm on 7 December 2021.