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Another office floor at GB Building for sale, with guide price of S$9.8m

Seventh storey offering has been renovated; price is about S$1,800 psf

AN ENTIRE floor of GB Building in Singapore’s central business district has been launched for sale with a guide price of nearly S$9.8 million.

Located on the seventh storey of the 143 Cecil Street tower, the sale offering has been renovated and features a regular floor plate with a column-free layout.

Its price tag works out to about S$1,800 per square foot (psf) based on the strata area of 5,425 square feet.

The office floor will be sold on a vacant possession basis, and comes with exclusive use of the lift lobby, pantry and restrooms, said marketing agents Brilliance Capital and Savills Singapore on Thursday.

In June, two other strata office floors in GB Building were put on the market by CBRE. Level 16 carried an indicative price of S$11.9 million or about S$2,200 psf based on strata area, while Level 23 was priced at S$12.7 million or S$2,350 psf.

Brilliance Capital executive director Sammi Lim on Thursday said the seventh floor offering has a “compelling and attractive” price point compared with recent strata office transactions in the vicinity, such as at Samsung Hub, SBF Center and Crown at Robinson, where deals were closed in the region of S$3,000 psf.

She also noted that there is tight strata-office supply in the central business district.

Savills Singapore’s director of investment sales and capital markets, Yap Hui Yee, likewise said that a premium-grade strata office floor priced below S$10 million in a prime district is “extremely rare”.

In addition to the ongoing rejuvenation, the government’s development plans for Tanjong Pagar as the gateway to the next waterfront city will also have a growth effect on both capital and rental values of existing developments, said Ms Yap.

Brilliance Capital’s Ms Lim said GB Building has a consistently high occupancy rate, and its office floors tend to be tightly held by a very number of owners.

The office tower has a 95-metre road frontage along Cecil Street and McCallum Street, as well as fully sheltered access to Tanjong Pagar Mass Rapid Transit (MRT) station.

On foot, it is about five minutes from Telok Ayer Market – also known as Lau Pa Sat – and six minutes to Telok Ayer MRT station.

In recent months, a number of office floors or units in the heart of the central business district have been offered for sale in bulk.

A portfolio of 27 Grade-A strata office units occupying four levels of 20 Cecil Street was launched last week with an indicative price of S$100 million or an average of S$3,143 psf. These units can also be purchased individually, with each unit’s price starting from around S$2.4 million.

Two consecutive floors – levels 9 and 10 – at Samsung Hub, located at 3 Church Street, were also made available for purchase in August with an indicative price of about S$104.9 million or S$4,000 psf.

In July, Level 22 of Springleaf Tower at 3 Anson Road was marketed with a guide price of more than S$26 million.

By Fiona Lam, The Business Times/ 23-oct-2020

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