Siakson Building In City Hall Area Selling For S$30mil

SINGAPORE – Siakson Building, a mixed-use commercial property containing office space and retail premises, has been launched for sale via expression of interest (EOI) exercise, reported The Business Times on Thursday afternoon (11 August, SGT).

According to marketing agent CBRE, the asset located at the intersection of Miller Street and Victoria Street is being offered with a guide price of S$30 million, which works out to about S$3,971 psf based on the building’s maximum gross floor area of roughly 7,554 sq ft.

Situated at 3 Miller Street within the City Hall submarket, the 5-level building has a balance tenure of around 804 years as its 999-year land tenure started in April 1827. Its overall floor area measures 5,000 sq ft, while its land plot spans 1,798 sq ft. The site is zoned for commercial use and has a plot ratio of 4.2.

Joshua Giam, Associate Director of capital markets at CBRE, shared that the commercial property has unused GFA of around 2,554 sq ft that the buyer can take advantage of via redevelopment or asset enhancement initiatives (AEI). These works may be carried out without incurring any development charge due to a high URA development baseline for the site.

“We are confident that the property will garner strong interest from both astute investors and owner-occupiers. Considering the ongoing rejuvenation in the vicinity, the buyer can expect to enjoy rental and capital value upside in the near future,” added Giam.

The EOI exercise for Siakson Building shall close at noon on 8 September 2022.