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Four office floors and a podium block at the 26-storey GB Building within Tanjong Pagar precinct have been put up for sale via expression of interest (EOI), said marketing agent CBRE on Wednesday (1 August).
With a combined area of 39,590 sq ft, the properties comprise five strata titled units measuring between 3,294 sq ft and 13,067 sq ft. Collectively, these represent 27.3 percent of the share value in the building’s Management Corporation Strata Title (MCST).
“This is a rare opportunity for investors to own substantial strata commercial floors in a building, and hold a significant stake in the MCST,” said Sammi Lim, director for capital markets at CBRE.
The four office floors and a podium block at the Tanjong Pagar building are being sold via an EOI exercise at respective guide prices of $2,000 psf and $3,200 psf.
Recent strata office transactions at SBF Centre, located just next to GB Building, were in the range of $2,800 psf to $3,053 psf. Podium floors are rarely available for sale, and the last such transaction in the CBD was at Prudential Tower in 2017, which was sold at about $3,316 psf.
Designed by Japanese architect Kenzo Tange, GB Building consists of a three-storey podium and a 23-storey office tower situated at intersection of McCallum and Cecil Streets.
The Tanjong Pagar building features a 26 ft-high ground floor entrance lobby with double-height glass walls, as well as three-level basement parking capable of accommodating 105 vehicles.
Each strata floor there can be easily divided into smaller units so they can be rented out to different tenants. As the properties are intended for commercial use, it can be purchased by locals and foreigners. Moreover, the buyer will not be subject to the Additional Buyer’s Stamp Duty (ABSD) and Seller’s Stamp Duty (SSD).
Located near Telok Ayer Park and Amoy Street Food Centre, GB building in Tanjong Pagar precinct is a stone’s throw from three MRT Stations – Tanjong Pagar (EW15), Telok Ayer station (DT18) and the future Shenton Way station (TE19).
“In addition to the ongoing rejuvenation in the area, the government’s development plans for Tanjong Pagar as the next waterfront city will have positive knock-on effects on both capital and rental values of existing developments in this vicinity,” added Lim.
The EOI exercise will close on 5 September.
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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