New World Centre Selling 20 Strata Commercial Units
SINGAPORE – Marketing agent Delasa launched for sale a portfolio of 20 strata-titled office and retail units at the New World Centre with an overall guide price of S$55 million, which works out to an average rate of S$1,392 psf based on their total strata area of 39,504 sq ft, according to a report from The Edge last week.
The strata units being sold are situated across all three levels of the development. The office units and entertainment venues are found on the 2nd and 3rd floor, while the retail premises are on the ground level. The average guide price for the office units is at S$1,265 psf, while that for the shops is at S$2,380 psf.
Delasa’s Chief Executive Karamjit Singh revealed that the strata units are available for sale via a private treaty and on a first-come basis. The units can be acquired individually, by clusters, or as an entire portfolio. This offers a wide range of configurations that caters to various profiles of buyers.
For instance, an investor seeking a showroom facing a vibrant main road could opt for 7 strata units spread across three levels measuring 11,000 sq ft in all. Those looking for a huge space on a single floor could choose a unit on level 2 spanning 15,000 sq ft, while those who want a more compact space could settle for a 500 sq ft office on the 3rd floor or an 800 sq ft shop on the ground level.
“This portfolio would appeal to a variety of buyers, including those who would love to be able to acquire a majority stake in such a commercial development located in a central and bustling area for its en bloc sale potential,” noted Singh.
Collectively, the 20 units account for 57 percent of the strata area in New World Centre. “This offers an en bloc sale arbitrage which may be realised with the consent of just over half of the balance owners,” explained Singh.
Completed in the late 1990s, the New World Centre located along Jalan Berseh off Jalan Besar consists of 35 strata-titled office units and shops. The commercial property stands on a 99-year leasehold site with a remaining term of around 70 years. Furthermore, the 3-storey building is just a short walk from the Jalan Besar MRT Station.
