_Attractive portfolio of three adjacent strata office units at SBF Center for sale
Singapore, 6 June 2023 – Singapore – Knight Frank Singapore is pleased to offer for sale an attractive portfolio of three adjacent strata office units ranging from 624 to 678 square feet (“sf”) located on Level 13 of SBF Center via Expression of Interest (“EOI").
The three units measure a total of 1,969 sf and are available for sale individually or collectively to both locals and foreigners, with no Additional Buyer’s Stamp Duty and Seller’s Stamp Duty imposed on the purchase. The price of the units ranges from S$2.25 million to S$2.44 million, which works out to about S$3,600psf.
Ms Mary Sai (蔡竺樾), Executive Director of Capital Markets, Knight Frank Singapore (执行董事,资本市场部, 莱坊), opined, “This asset is ideal for those who want their own space in the CBD, and investors seeking stable rental returns. In the present high interest rate environment, more investors are relying less on debt preferring to acquire assets that are smaller in quantum, like these.”
SBF Center is a 99-year leasehold Platinum Green Mark certified development that offers a unique mixed-use concept. It features contemporary office spaces, a dedicated medical centre, a roof garden, and pool. The flexibly configured office units serve a broad range of business needs from small-medium enterprises to large multi-national corporations. The building is accessed through a fully sheltered retail plaza, and immaculately landscaped into a park-like environment with F&B outlets and alfresco dining areas.
The development is located 200 metres away from the Tanjong Pagar Mass Rapid Transit (“MRT”) Station, and easily accessible via major arterial roads including North Bridge Road, Robinson Road and the Keppel Viaduct. Many hotels, offices and retail concepts located along Tanjong Pagar, Telok Ayer and Duxton Hill are within its vicinity.
Demand for strata office units
The overall interest for the strata office market has eased due to rising interest rates and an uncertain global market outlook. A total of 54 units amounting to S$126.4 million were sold in Q1 2023 posing a y-o-y decline of 15.7% from S$150.0 million in Q1 2022.
However, strata office units were still sought after, especially in the Downtown Core Planning Area where 18 transactions took place, accounting for one-third of all strata office sales in Q1 2023. Most of the transactions in Q1 2023 was of smaller floor areas.
Sai added, “Several factors combine to sustain demand for strata office units in the CBD. The recent cooling measures targeted at residential properties, open borders throughout the Asia-Pacific region, restrictions on strata subdivision of newer commercial buildings in select parts of CBD, and the limited supply of strata offices is likely to draw investor demand to commercial properties.”
“For reference, the last transaction in SBF Center was recorded in December last year at S$3,594 psf for a unit on the 12th storey measuring 1,475 sqft. The latest successful sales launch of the freehold Solitaire on Cecil reflects the healthy strata office market demand – office units were quickly taken up despite commanding S$4,300 psf on average. As such, we expect keen interest in this listing.”
The EOI will close on 27 June 2023 (Tuesday) at 3.00 PM.
Related Reading
New Leasing, Sale & Build-to-Suit Opportunity in Batam
Tanjong Katong freehold residential site Roselane Court relaunched for sale