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A prime ground floor strata commercial space at Grand Building (pictured) in Raffles Place within the heart of the central business district (CBD) has been launched for sale via tender at a guide price $18 million.
Such properties are “tightly held and rarely available for sale”, said Swee Shou Fern, senior director of investment advisory at marketing agent Edmund Tie & Company (ET&Co).
“There is no offering of properties with similar attributes in Raffles Place. A ground floor unit at The Arcade, a leasehold development with 60 years remaining, was recently sold at $15,097 psf.”
Situated at 17 Phillip Street, the property is a short walk from Raffles Place MRT interchange. It is highly visible at street level and enjoys high footfall from people working at densely populated office buildings in the area like UOB Plaza, OCBC Centre, Republic Plaza and One Raffles Place, as well as the future CapitaSpring integrated project.
With a strata floor area of about 2,928 sq ft, the property occupies the entire ground floor of the 11-storey building. It currently houses the popular Chao Shan Cuisine, a heritage eatery that offers authentic Teochew dishes.
“This presents an extremely attractive opportunity for the astute investor who believes in Singapore’s continued growth as a global business hub and potential capital value appreciation of real estate in the Raffles Place precinct to own a prized asset with strong tenant profile and stable rental income,” Swee added.
As a commercial property, foreigners are allowed to buy it and the transaction will be exempt from the Seller’s Stamp Duty and Additional Buyer’s Stamp Duty.
The tender exercise for the strata space at Grand Building closes on 5 December.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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