The seven-storey podium features retail and office spaces. It is being offered for sale in five strata lots, which can be acquired individually or collectively.
Oxley Holdings is on the lookout for a buyer of the retail and office podium at 30 Raffles Place – formerly known as Chevron House.
The sale of the building podium is part of the conditions for the $1.025 billion sale of 30 Raffles Place to US real estate fund AEW, reported Mingtiandi.
Located at the foot of the 32-storey tower, the seven-storey podium features retail and office spaces. It is being offered for sale in five strata lots, which can be acquired individually or collectively.
30 Raffles Place is presently undergoing comprehensive enhancements which include converting the mall’s car park into a retail space and upgrading the façade, with the refurbishment works expected to be competed in the first quarter of 2020, revealed joint marketing agents JLL and Cushman & Wakefield.
Two lots of retail space on the podium’s lower four storeys, which come with a combined net leasable area of 51,376 sq ft and a gross floor area of 61,514 sq ft, carry a guide price of between $5,000 to $5,500 per sq ft (psf) of net leasable area. This brings the total asking price for the lower section of the podium at $283 million.
The retail space is 80 percent leased to a mix of international and domestic tenants including fitness providers, food and beverage outlets as well as other shop operators.
The common walkway within the podium is part of the strata retail space, providing the owner potential additional income from advertising spaces, media screen, ATM machines and event spaces.
Meanwhile, the 58,286 sq ft office space at the top three floors of the podium – which are offered vacant in three lots – carry a guide price of $3,000 to $3,300 psf. This could bring in a total of $192 million.
“The level 3 to 5 office podium will suit an owner-occupier who is looking to acquire a premium office space with superior specifications and excellent visibility in the heart of Singapore’s CBD,” said JLL’s senior director of capital markets, Clemence Lee.
Colliers International said the sale’s announcement follows several acquisitions in Singapore as Grade A office rents within the city’s business district reached a ten-year high in Q2 2019.
This was a growth of over 12 percent compared to the same period last year to hit an average of $9.93 psf per month.
The expression of interest exercise for the seven-storey podium closes on 10 October.