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PR Newswire
15-03-2012, 07:37 AM
The Straits Times
Mar 15, 2012
Commercial site and office units put up for sale
TWO commercial properties are up for sale - Shenton House and some offices at Burlington Square.
Shenton House, a leasehold office building at 3 Shenton Way, has been put up for collective sale with an indicative price of $350 million.
It sits on a land area of about 36,350 sq ft, and this price translates to $1,720 per sq ft (psf) per plot ratio, said sole marketing agent DTZ in a statement yesterday.
'Given its strategic location, the subject site presents a rare opportunity for developers who are seeking prime redevelopment sites... within the CBD (Central Business District) area that will appeal to both locals and foreigners,' said Mr Shaun Poh, DTZ's head of investment advisory services and auction.
The sale is being conducted through a tender exercise that will end on April 19.
Over at Burlington Square - a mixed development in Bencoolen Street - 66 strata-titled office units are up for grabs.
These are being sold by Colliers International at an indicative price of about $101 million, or $1,500 psf.
Sitting on a 99-year leasehold site, Burlington Square comprises a 20-storey residential block, a 12-storey office tower and a retail podium. Car-parking facilities are located on the second to fourth levels.
The office units that are up for sale have a total strata area of 67,738 sq ft and an occupancy rate of close to 90 per cent. They are being leased at an average monthly gross rent of $5.80 psf.
New tenancy and renewed leases are achieving a monthly gross rent of up to $7 psf, Colliers said.
'The subject property can be sold collectively to a single purchaser or separately to various individual buyers,' said
Ms Tang Wei Leng, Colliers' executive director of investment services.
Prime strata-titled office units are limited in stock and command an attractive average gross rental yield of 4 per cent to 6 per cent, she added.
'We are confident that this is a timely opportunity to purchase a sizeable commercial space in a well-located development.'
Interested buyers have to submit their offers to Colliers by noon on April 18.
YASMINE YAHYA
Mar 15, 2012
Commercial site and office units put up for sale
TWO commercial properties are up for sale - Shenton House and some offices at Burlington Square.
Shenton House, a leasehold office building at 3 Shenton Way, has been put up for collective sale with an indicative price of $350 million.
It sits on a land area of about 36,350 sq ft, and this price translates to $1,720 per sq ft (psf) per plot ratio, said sole marketing agent DTZ in a statement yesterday.
'Given its strategic location, the subject site presents a rare opportunity for developers who are seeking prime redevelopment sites... within the CBD (Central Business District) area that will appeal to both locals and foreigners,' said Mr Shaun Poh, DTZ's head of investment advisory services and auction.
The sale is being conducted through a tender exercise that will end on April 19.
Over at Burlington Square - a mixed development in Bencoolen Street - 66 strata-titled office units are up for grabs.
These are being sold by Colliers International at an indicative price of about $101 million, or $1,500 psf.
Sitting on a 99-year leasehold site, Burlington Square comprises a 20-storey residential block, a 12-storey office tower and a retail podium. Car-parking facilities are located on the second to fourth levels.
The office units that are up for sale have a total strata area of 67,738 sq ft and an occupancy rate of close to 90 per cent. They are being leased at an average monthly gross rent of $5.80 psf.
New tenancy and renewed leases are achieving a monthly gross rent of up to $7 psf, Colliers said.
'The subject property can be sold collectively to a single purchaser or separately to various individual buyers,' said
Ms Tang Wei Leng, Colliers' executive director of investment services.
Prime strata-titled office units are limited in stock and command an attractive average gross rental yield of 4 per cent to 6 per cent, she added.
'We are confident that this is a timely opportunity to purchase a sizeable commercial space in a well-located development.'
Interested buyers have to submit their offers to Colliers by noon on April 18.
YASMINE YAHYA
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