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Two strata office floors at The Octagon have been put up for sale via an expression of interest (EOI), with an indicative price of $30.3 million, or about $2,450 psf for the two office floors, revealed marketing agent Cushman & Wakefield.
Situated on the 9th and 10th floors, the freehold properties have a total strata area of around 12,378 sq ft. Each floor features a plate size of around 6,189 sq ft. Cushman & Wakefield noted that purchasers can acquire either individual or both floors.
The Octagon is a 25-storey office building that is strategically located at the junction of Boon Tat Street and Cecil Street within the Raffles Place office micro-market. It has two levels of basement car parks for season parking.
Shaun Poh, executive director of capital markets at Cushman & Wakefield, expects the properties to draw strong interest from a wide range of buyers including corporate occupiers, foreign investors and high net worth private investors due to their freehold tenure and prime location in the city centre.
“Given the scarcity of freehold commercial land in the CBD and the hunger from the developers to replenish their land bank, prospective purchasers could also potentially look at future capital gain should the owners at The Octagon decide to embark on a collective sale,” he said.
Moreover, the indicative price of $2,450 psf present good value for long term investors considering that recent transaction of strata office at GSH Plaza and Prudential Tower on the same street were contracted at above $2,900 and $2,600 psf, respectively, revealed Cushman & Wakefield.
The EOI exercise for the properties will close on 4 May.
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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