Singapore’s Grand Bldg Attempts Another En Bloc Sale For S$195m
SINGAPORE – Sole marketing agent Edmund Tie & Company has relaunched Grand Building, a commercial property in the city-state’s traditional financial district of Raffles Place for collective sale at the same indicative price of S$195 million, reported The Business Times on Monday morning (8 April, SGT).
On 28 October 2021, the 10-storey office building along 17 Phillip Street was 1st launched for sale by the same marketing agent at the aforementioned guide price, and the prior tender closed on 7 December of the same year.
In relaunching it, Edmund Tie’s Head & Executive Director of investment advisory Swee Shou Fern noted that the Grand Building won’t be impacted by the recent ban on the subdivision of commercial properties in some Central areas as it’s not within the identified places.
This gives the new owner flexibility in their development proposal for strata subdivision, subject to planning approval, she explained.
Grand Building is sited on a 999-year leasehold plot of land measuring roughly 5,313 sq ft. It has a plot ratio of 15 and a building height control of over 50 storeys. As the site is zoned for commercial use, the deal is exempt from the Additional Buyer’s Stamp Duty (ABSD) and foreigners are allowed to purchase the office building.
Swee revealed that several commercial properties in Singapore’s central business district (CBD) CBD were sold in the past few months, suggesting that investors continue to be upbeat in the office market.
“Yet, commercial buildings, particularly those in District 1, are typically tightly held by existing landlords and are rarely made available for sale. As such, Grand Building offers a rare and timely opportunity for investors to acquire a standalone commercial real estate in the prestigious Raffles Place.”
Apart from being close to Telok Ayer MRT Station and the Raffles Place MRT interchange, Grand Building is also within proximity to many eateries and the entertainment amenities in Singapore’s CBD. Among the known buildings in the vicinity are UOB Plaza, OCBC Centre, Republic Plaza, CapitaSpring, and One Raffles Place.
The public tender for Grand Building shall close at 3 pm on 5 May 2022.
