Strata office floor for sale at 15 Scotts Road, asking price is an approximate S$52.5 million

Aug 31, 2022



CBRE, the sole marketing agency for the property, said on Wednesday that a strata office floor located at 15 Scotts Road has been made available for purchase through an Expression of Interest (EOI) with an approximate price of S$52.5 million (Aug 31).

It has a strata area that is 13,734 square feet, which is approximately 12.7 percent of the whole strata area. According to this calculation, the suggested price comes out to around S$3,822 per square foot on the whole strata area.

According to CBRE, because the office is already completely filled by a diverse group of tenants, the new owner will be able to benefit from immediate rental revenue once the property is acquired.

In addition, they stated that non-U.S. citizens are permitted to purchase the commercial property without having to pay any additional buyer's stamp duty or seller's stamp tax.

"Freehold strata office floors housed in good quality office developments in Orchard Road are tightly held and rarely made available," said Clemence Lee, executive director of capital markets, Singapore at CBRE. "Freehold strata office floors housed in good quality office developments in Orchard Road are tightly held and rarely made available." As a result of this, these properties are in great demand among a diverse group of owner-occupiers and investors, including family offices, boutique real estate funds, local firms, and high-net-worth individuals.

Lee observed that there had not been any deals in the Orchard region that involved the purchase or sale of an entire office floor in the previous four years.

Two recent deals involving strata office floors are the selling of the full 18th level at Tong Building to Top Global for S$23.3 million in October 2017 and the sale of the entire 13th floor at Tong Building to Chopard's family office for S$25.5 million in May 2016.

Lee predicts that there will be a reduction in the number of high-quality freehold strata offices that are available in the vicinity of Orchard Road as a result of the fact that strata subdivision would no longer be permitted in previously built complexes and sites slated for redevelopment there.

He went on to say that "existing excellent quality strata office complexes" like the one at 15 Scotts Road would be in a position to benefit from this.

The EOI exercise will come to an end on October 6 at three in the afternoon.