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Two strata floors comprising six medical suites at Farrer Squar (pictured) are up for sale by expression of interest (EOI), marketing agent Cushman & Wakefield announced in release on Wednesday (6 September).
The sale makes up the six remaining strata medical suites for sale from the mixed-use development in Little India, which also comprises the 300-room Park Hotel Farrer Park and ground floor retail units.
The units, with sizes ranging from 527 sq ft to 1,012 sq ft, are offered for sale on a bulk or individual basis; and the indicative prices are between S$2.68 million and S$3.84 million, and up to S$5.1 million for the penthouse unit.
“This works out to an average asking price of about S$5,100 psf. In comparison, medical suites at Gleneagles Medical Centre and Mount Elizabeth Medical Centre have sold for in excess of S$8,000 per sq ft in recent years,” said Cushman & Wakefield executive director of Capital Markets, Shaun Poh.
Poh said he expects that there would be a future imbalance of demand outstripping supply of high-quality, brand-new medical suites, given the lack of new commercial development sites across the island, which stems from the Urban Redevelopment Authority’s late-2014 guideline to cap the allowable gross floor area (GFA) for medical clinics in commercial buildings to 3,000 sq m or 20 percent of the total floor area approved for commercial use—whichever is lower.
“We expect interest to come from a wide variety of buyers including high-net worth investors and medical group end-users,” he added.
The EOI for medical suites at Farrer Square will close on 6 October.
Image source: Cushman & Wakefield
Nikki De Guzman, Editor at CommercialGuru wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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