Marketing agent CBRE says these two floors are priced competitively, compared to recent transactions nearby

TWO strata office floors in GB Building in the central business district (CBD) will be up for sale via expression of interest (EOI) on Tuesday, exclusive marketing agent CBRE announced on Monday.

Level 16 of GB Building has an indicative price of S$11.9 million, or about S$2,200 per square foot (psf) on the strata area; Level 23 has an indicative price of S$12.7 million, which works out to about S$2,350 psf on the strata area, CBRE said.

The two floors can be sold either individually or collectively.

Located at 143 Cecil Street, GB Building is a 26-storey office development with a three-level basement car park that can accommodate 105 vehicles. The building is at the junction of Cecil Street and McCallum Street, and accessible via a sheltered walkway from the nearby Tanjong Pagar MRT station.

With a strata area of 5,425 sq ft each, the office floors at Level 16 and 23 feature a regular and column-free layout and include views of the city.

Level 16 is now leased to multiple tenants; Level 23 is to be sold with vacant possession, CBRE said.

Both locals and foreigners are eligible to purchase the property, which is zoned for commercial use.

There will be no additional buyer’s stamp duty or seller’s stamp duty imposed on the purchase.

Landmark developments near GB Building include Asia Square, Frasers Towers, Capital Tower and the upcoming 79 Robinson Road.

Also within the vicinity are amenities found at OUE Downtown and Amoy Street.

CBRE noted that three office floors in the CBD were transacted this year:

  • Level 11 in Samsung Hub, which changed hands at S$49.8 million (S$3,800 psf on strata area);
  • Level 10 in Suntec Tower 1, which was transacted at S$37.1 million (S$2,580 psf on strata area); and
  • Level 33 in Suntec Tower 2, which was traded at S$38 million (S$3,209 psf on strata area).

Clemence Lee, senior director of capital markets at CBRE, said: “As older buildings in the area make way for newer mixed-use developments, strata property owners of GB Building can expect to enjoy potential capital appreciation in the mid to long term.”

He added: “Compared to recent strata office transactions, the indicative prices for these two office floors at GB Building are noticeably competitive.

“We expect strong interest from investors such as boutique real estate funds, family offices and high net worth individuals. Level 23 can be the space of choice for owner-occupiers seeking immediate occupation in the CBD.”

The EOI exercise will close at 3pm on July 28.

Source: https://www.businesstimes.com.sg/real-estate/two-strata-office-floors-at-gb-building-for-sale-with-s119m-s127m-guide-prices

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