Strata Office At The Adelphi Up For Grabs
SINGAPORE – A strata office unit at The Adelphi, a mixed-use commercial property at 1 Coleman Street, has been launched for sale via an expression of interest (EOI) exercise with a guide price of S$11.8 million to S$12.0 million, reported The Edge on Tuesday morning (29 March, SGT).
As the strata office unit measures 4,209 sq ft, the indicative price translates to S$2,803 psf to S$2,851 psf.
The commercial space is situated on level 8. Hence, it offers unobstructed views over Marina Bay Sands and Singapore’s central business district (CBD).
The Adelphi is also a 999-year leasehold project, whose basement is connected directly to Capitol Piazza, The Funan, Raffles City, and the City Hall MRT interchange station, which offers access to both the East-West and North-South Lines.
Given the recent announcement from the Urban Redevelopment Authority (URA) prohibiting strata subdivision of new commercial properties in the CBD, Orchard Road, and the Museum area, Knight Frank Singapore’s Executive Director of capital markets Mary Sai highlighted the “limited supply of good-sized, 999-year leasehold or freehold commercial units in these prime areas”.
Notably, Knight Frank is the exclusive marketing agent for the strata office unit at The Adelphi.
In addition, Sai underscored that the relaxation of COVID-related curbs, particularly allowing up to 75 percent of employees who can work from home (WFH) to return to their office, has shifted demand to commercial properties, including strata office units.
As the subject asset is a commercial property, both foreigners and locals are permitted to acquire it. The transaction will also be exempt from the Additional Buyer’s Stamp Duty (ABSD).
The EOI exercise for the strata office unit at The Adelphi shall close on 28 April 2022.