Bookmark & Share
The prices for the two office floors are “noticeably competitive” compared to recent strata office transactions. Photo: CBRE
Two strata office floors at GB Building have been put up for sale via expression of interest (EOI), revealed marketing agent CBRE.
Measuring 5,425 sq ft each, Level 16 – which is leased to multiple tenants – has an indicative price of $11.9 million or $2,200 per sq ft (psf), while Level 23 – which is being sold with vacant possession – is offered at $12.7 million or $2,350 psf.
Clemence Lee, Senior Director of Capital Markets at CBRE, said the prices for the two office floors are “noticeably competitive” compared to recent strata office transactions.
CBRE noted that three office floors within the CBD have been transacted this year, with Samsung Hub’s Level 11 sold at $$49.8 million or $3,800 psf, Suntec Tower 1’s Level 10 at $37.1 million or $2,580 psf, while Suntec Tower 2’s Level 33 changed hands at $38 million or $3,209 psf.
With this, Lee expects the office floors to witness robust interest from investors such as family office, boutique real estate funds and high-net-worth individuals.
“Level 23 can also be the space of choice for owner-occupiers seeking immediate occupation in the CBD,” he said.
Strategically situated at the junction of McCallum Street and Cecil Street, the 26-storey GB Building comes with a three-level basement car park that could house up to 105 vehicles.
It is accessible via a fully sheltered walkway from the Tanjong Pagar MRT station. Nearby developments include Asia Square, Capital Tower and Frasers Towers. GB Building is also near retail, entertainment, F&B as well as lifestyle establishments at Amoy Street and OUE Downtown.
“GB Building sits within one of the city sub-zones which is expected to benefit from the CBD Incentive Scheme announced last year. As older buildings in the area make way for newer mixed-use developments in the journey of rejuvenation, strata property owners of GB Building can expect to enjoy potential capital appreciation in the mid to long term,” said Lee.
Both locals and foreigners can acquire the two strata office floors, which are zone for “commercial” use, with no Additional Buyer’s Stamp Duty or Seller’s Stamp Duty payable.
The EOI exercise for the properties closes on 28 July.