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A four-storey commercial building (pictured) along Joo Chiat Road has been put up for sale by expression of interest, carrying an indicative price of $18 million to $20 million, revealed marketing agent Knight Frank.
The price translates to between $969 psf and $1,077 psf over the gross floor area of around 18,571 sq ft.
“The price range is very reasonable, in view of a comparable four-storey building at 381 Joo Chiat Road which transacted for $27 million, or $1,093 psf based on gross floor area, this month,” said Knight Frank investment and capital markets executive director Mary Sai.
She expects the property to attract robust interest from both strategic investors and owner-operators.
“Investors can look forward to re-positioning the existing tenant mix while owner-occupiers can explore the opportunity to building naming and signage rights. The property is also ideal for operations that require generous car parking space,” she said.
Nestled on a 4,686 sq ft site, the freehold property, which is currently tenanted to a single company, comes with a lift as well as a fully automated mechanical car park for nine cars. It is zoned for commercial use under the 2014 Master Plan with a permissible gross plot ratio of 3.0.
The tender for the property closes on 19 April.
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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