South Point Office Unit Up For Grabs For S$18m

SINGAPORE – An office unit in the South Point commercial building along the city-state’s Cantonment Road has been launched for sale via private treaty for S$18 million, which translates to S$2,245 psf, reported The Edge on Tuesday afternoon (26 January, SGT).

Located on the 7th level, the 8,019 sq ft office unit offers unobstructed views of the sea and port.

At present, the office unit is leased until 31 March 2021, with a monthly indicative rent of S$7 psf, which works out to a gross rental yield of roughly 3.7 percent, according to Richmond Capital’s Key Executive Officer Stella Hoh, who is marketing the office space.

However, the office unit has a remaining term of 64 years as its 99-year leasehold tenure commenced in 1985. While the 16-storey Southpoint building has a freehold status, its developer offloaded some of the strata office units as freehold, while others were sold on a leasehold basis, Hoh revealed.

Situated near the Tanjong Pagar MRT Station, the Southpoint building was built by Kuo International and was finished in 1985.

The office building’s floor plates have an average size of about 16,000 sq ft and its overall area is around 239,927 sq ft.