Two Strata Office Floors At TPI Building Available For A Total Of S$30m

SINGAPORE – Marketing agent CBRE announced today that two 999-year strata office floors at TPI building have been launched for sale through an expression of interest (EOI) exercise, reported The Business Times on Thursday morning (17 February, SGT).

The guide price for both office floors totals S$30 million, which works out to around S$3,818 psf based on the combined strata area of the office units at the 6-storey office building along Cecil Street. The office floors are located on the 5th and 6th floor.

Each office floor measures 3,929 sq ft and their combined strata area is about 7,858 sq ft. They account for 31 percent of the office tower’s strata area.

CBRE also disclosed that both 999-year strata office floors are currently leased. Hence, it provides the new owner with immediate rental income.

According to Clemence Lee, Senior Director of Capital Markets at CBRE, they expect robust interest for the strata office floors as it is becoming rarer to find 2 adjacent floors in Singapore’s central business district (CBD) that are available for sale. He noted that most 999-year leasehold office floors have been acquired by family offices or high net worth individuals (HNWIs) for long-term investment.

He also pointed out that the TPI building is present under-utilised and there’s only 3 other strata unit owners there. Thus, he thinks this presents an opportunity for all the owners to jointly redevelop or refurbish the commercial property or to embark on an en bloc sale.

Apart from being close to both Telok Ayer MRT station and Raffles Place MRT interchange, TPI building is just a short distance away from eateries.

Moreover, the office floors can be sold as a bundle or individually. Overseas are permitted to buy the commercial properties. There is also no additional buyer’s stamp duty (ABSD) or seller’s stamp duty (SSD) imposed on the deal.

The EOI exercise for the commercial properties will close at 3pm on 24 March 2022.