Bookmark & Share
Two strata office floors at AXA Tower in Singapore’s central business district are up for sale by expression of interest (EOI), according to marketing agent.
Located at the 21st and 35th storey of the 50-storey prime office building on 8 Shenton Way, the sale offers eight strata office units and six strata units respectively, with a total strata area of 25,500 sq ft. Sizes of the units range from ranging from 1,744 sq ft to 1,959 sq ft.
According to JLL, buyers have the option to purchase the strata units on an individual basis, or the two office floors collectively. The office floors come in a regular and column-free layout, allowing for maximum efficiency and utilisation of space. The development also comes with a total of 612 car park lots, which equates to 1 lot per 1,100 sq ft NLA, “this provision compares favourably with newer office buildings,” JLL said.
The indicative price starts from S$2,550 per sq ft, the property consultancy added.
“Prices for the newer strata office developments in the CBD typically range from $2,800 to $3,600 per sq ft on strata area,” said JLL Capital Markets senior manager Clemence Lee, adding that they “expect strong interest from end-users who are looking to own their own quality space in the CBD at an affordable price.”
“With the recent transactions of Asia Square Tower 1, Straits Trading Building and 110 Robinson Road, we also expect strong interest from investors such as private real estate funds, family funds and high-net-worth individuals (HNWIs) who are looking to have a stake in one of Singapore’s prime office asset with strong tenant profile. The rejuvenation of the Tanjong Pagar sub-market and the gradual development of the Greater Southern Waterfront will allow investors to reap strong capital appreciation of the property in the mid to long term” he added.
The office building slated for extensive asset enhancement works which will be carried out in phases and are expected to commence in the sometime this quarter.
JLL said upgrading works will include creating a brand new double-volume grand entrance lobby and drop-off point along Shenton Way, expanding the existing retail podium to offer more F&B and retail options, and creating a brand new two-storey annexe block housing medical suites with excellent main road frontage onto Shenton Way and Maxwell Road, among others.
It added that Perennial Real Estate Holdings, AXA Tower’s largest shareholder, will be overseeing the upgrading works.
The property consultancy noted that there is no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) imposed on the purchase of the property as it is situated on a commercial-zoned land.
The EOI exercise will close on 5 October.
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg
Related Articles:
URA to launch Central Boulevard white site for tender