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A row of 12 adjoining office units at Paya Lebar Square has been put up for sale via a public tender, according to marketing agent CBRE.
Located on the 8th floor, the units – which were conveniently situated next to the lift lobby – have a combined floor area of about 8,503 sq ft.
Paya Lebar Square is a 13-storey mixed development comprising a retail podium from basement 1 to the second floor and an office block from the 5th to 13th floors. Completed in 2015, the mixed development was certified Green Mark Gold Plus by the Building and Construction Authority.
Strategically located next to the Paya Lebar MRT Interchange station, Paya Lebar Square is near Raffles Place, the CBD and Changi Airport. It is also accessible via various expressways including the Pan Island Expressway (PIE), Kallang Paya Lebar Expressway (KPE) and East Coast Parkway (ECP).
“We believe these units will appeal strongly to investors who wish to own a portfolio of commercial units with a steady rental income as the units are fully tenanted. Investors will also have the option to divest the units on an individual basis in future,” said CBRE capital markets director Sammi Lim.
Since the units are zoned for commercial use, both local and foreign buyers are allowed to purchase them without paying the Additional Buyers’ Stamp Duty (ABSD) or Sellers’ Stamp Duty (SSD).
Lim expects the premium units to receive keen interest from both owner-occupiers and investors.
“They are likely to attract private equity firms, family offices, corporates and high net-worth individuals, both local and overseas, who are seeking quality and strong yielding assets, with a mid- to long-term view of potential rental and capital appreciation in a high-growth location like Paya Lebar, against the backdrop of a stronger commercial and strata market scene,” he said.
The tender for the office units closes on 3 August.
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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