Liberty House Office Bldg Enters Market With Guide Price Of S$120mil
SINGAPORE – Liberty House, a 5-storey office block at 51 Club Street, has been launched for sale via an expression of interest (EOI) exercise with a guide price of S$120 million, according to a report from The Business Times that was updated on Tuesday morning (18 October, SGT).
Marketing agent CBRE said the selling price works out to about S$4,155 psf based on the commercial property’s overall gross floor area (GFA) of 28,876 sq ft. It also stands on a site with a leasehold tenure of 999 years.
The real estate consultancy disclosed that the office building was extensively upgraded in 2011.
Apart from having a private parking facility with 5 lots, it is also equipped with a passenger lift that serves all levels of the property.
Clemence Lee, Executive Director of capital markets at CBRE, said Liberty House features a 60-metre-wide dual road frontage along Club Street. As such, the new owner or an anchor office tenant can put up a very visible signage.
Moreover, the commercial property is close to several existing MRT stations, namely Chinatown, Telok Ayer, and Tanjong Pagar. It is also within proximity to the future Maxwell MRT Station, which will start operating by the end of 2022.
The office building is also near The Chinese Weekly Entertainment Club, one of Singapore’s 4 “Millionaire’s Club”. The asset also stands to benefit from a 19-storey hotel that will be completed during the 1st quarter of next year. The 4-star hotel will add about 900 new rooms in the vicinity.
Given that the office property sits on a site zoned for commercial use, companies and foreigners are allowed to acquire it. They also don’t have to pay any seller’s stamp duty (SSD) or additional buyer’s stamp duty (ABSD).
The EOI exercise for the Liberty House office building closes on 22 November 2022 at 3pm.