reporter2
13-03-13, 15:45
http://www.businesstimes.com.sg/archive/thursday/premium/singapore/sbf-centers-small-offices-selling-briskly-20130307
Published March 07, 2013
SBF Center's small offices selling briskly
But sales said to be slower for medical suites, which are priced between $3,800 psf and $4,000 psf
By Kalpana Rashiwala
SMAll office units at SBF Center at Robinson Road/Cecil Street have enjoyed brisk sales since last week when Far East Organization began sales at the development. However, sales of medical suites in the 99-year leasehold project have been slower, say sources.
Far East is currently said to be calling an average price of about $3,200 per square foot for small office units after selling about 100 of them.
In all, the 31-storey project will have 196 small strata office units that will range from 590 sq ft to 1,500 sq ft, on the 10th to 28th levels.
Far East is believed to have released more than 60 per cent of these 196 units, most of which have been taken up. The office units released are thought to be on the 10th to the low-20th floors.
Talk in the market is that the property giant has yet to release the top three levels, which will each have whole-floor office units of 10,850 sq ft. Per square foot pricing of these units is expected to be higher given the superior views they offer, say agents.
The Singapore Business Federation will be a major occupier in the development, although the quantum of space that it will take and whether it will lease or purchase that space from Far East has yet to be announced.
Sources say the development's 48 medical suites, which range from 680 sq ft to 1,300 sq ft and are located on Levels 3 to 5, are priced between $3,800 psf and $4,000 psf. Some market watchers attribute their slower sales partly to the absence of a nearby existing hospital/key medical facility that potential occupiers could tap on.
SBF Center - next to Capital Tower and originally planned to be named Index - is being jointly developed by Far East Organization and its listed vehicle, Far East Orchard Limited. The project is coming up on a site that the two clinched at an Urban Redevelopment Authority tender in September 2011. Their winning bid of $311.777 million worked out to $882 per square foot per plot ratio.
The project's total development cost including land has been previously reported as around $520 million. It is about 200 metres from Tanjong Pagar MRT Station.
Published March 07, 2013
SBF Center's small offices selling briskly
But sales said to be slower for medical suites, which are priced between $3,800 psf and $4,000 psf
By Kalpana Rashiwala
SMAll office units at SBF Center at Robinson Road/Cecil Street have enjoyed brisk sales since last week when Far East Organization began sales at the development. However, sales of medical suites in the 99-year leasehold project have been slower, say sources.
Far East is currently said to be calling an average price of about $3,200 per square foot for small office units after selling about 100 of them.
In all, the 31-storey project will have 196 small strata office units that will range from 590 sq ft to 1,500 sq ft, on the 10th to 28th levels.
Far East is believed to have released more than 60 per cent of these 196 units, most of which have been taken up. The office units released are thought to be on the 10th to the low-20th floors.
Talk in the market is that the property giant has yet to release the top three levels, which will each have whole-floor office units of 10,850 sq ft. Per square foot pricing of these units is expected to be higher given the superior views they offer, say agents.
The Singapore Business Federation will be a major occupier in the development, although the quantum of space that it will take and whether it will lease or purchase that space from Far East has yet to be announced.
Sources say the development's 48 medical suites, which range from 680 sq ft to 1,300 sq ft and are located on Levels 3 to 5, are priced between $3,800 psf and $4,000 psf. Some market watchers attribute their slower sales partly to the absence of a nearby existing hospital/key medical facility that potential occupiers could tap on.
SBF Center - next to Capital Tower and originally planned to be named Index - is being jointly developed by Far East Organization and its listed vehicle, Far East Orchard Limited. The project is coming up on a site that the two clinched at an Urban Redevelopment Authority tender in September 2011. Their winning bid of $311.777 million worked out to $882 per square foot per plot ratio.
The project's total development cost including land has been previously reported as around $520 million. It is about 200 metres from Tanjong Pagar MRT Station.