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A penthouse at TripleOne Somerset has been put up for sale via an expression of interest by CBRE, on behalf of its owner Perennial (Somerset) Pte Ltd.
Located at the premium Orchard Road shopping belt, the entire top floor in the integrated development was renovated and is presently leased as Singapore headquarter office to one of the world’s biggest luxury groups.
The 979 sq m / 10,537 sq ft property comes with a robust and stable rental income stream that generates an attractive yield of 3.5 percent per annum.
Since it is a commercial property, foreign buyers can purchase the penthouse, with no additional buyers’ stamp duty (ABSD) or sellers’ stamp duty (SSD).
“This is an extremely rare opportunity to purchase a penthouse office floor in Singapore’s prime Orchard area where there has not been a launch of new strata office units for sale in over three decades,” said CBRE capital markets director Sammi Lim.
“Only units in the secondary market are available, and they are typically in ageing buildings that are in need of a makeover. Owing to scarcity, even units in these properties are trading at premium prices,” she said.
With this, CBRE expects the property to receive “strong offers in excess of S$32 million, or S$2,980 per square foot, and especially with the building anchored by a new retail podium and medical suites”.
TripleOne Somerset is a 17-storey prime integrated development with two premium-grade office towers and a retail-cum-medical podium with a sheltered access to the Somerset MRT station.
The tender exercise will close on 21 July.
This article was edited by Denise Djong.
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