Price works out to S$3,157 psf on net lettable area and S$3,038 psf on strata area for 11-storey freehold building along Penang Road
THE property unit of German asset manager Union Investment is putting on the market VisionCrest Commercial along Penang Road.
The guide price for the 11-storey predominantly office freehold building is in excess of S$470 million, reflecting S$3,157 per square foot (psf) on the net lettable area of 148,854 sq ft.
On the strata area of 154,711 sq ft, S$470 million works out to S$3,038 psf. The strata area comprises 149,652 sq ft of offices and 5,059 sq ft of retail space. The office space is on levels 2 to 11 (with one strata title per floor). The retail space, on level 1, comprises 11 strata units.
As VisionCrest Commercial is subdivided into 21 strata titles, this provides the prospective buyer with multiple exit strategies.
Union Investment Real Estate (UIRE) has appointed CBRE and JLL as exclusive joint advisers to market VisionCrest Commercial for sale. They will conduct an expression of interest exercise for the property, with submissions of offers expected around mid-August.
Diversified tenant base, 99% occupancy
The building, located between Dhoby Ghaut and Somerset MRT stations, has 99 per cent occupancy, providing an immediate source of stable, secure cash flow from a diversified tenant base to an incoming investor. Tenants include Manulife Financial Advisers, Puma Sports SEA Trading, conference organiser IBC Asia, The Coffee Bean & Tea Leaf, and Afton Chemical.
VisionCrest Commercial received the Temporary Occupation Permit in 2008 and was refurbished in 2018 and 2020. The building has 114 car parking spaces. Market watchers say the Orchard Road area’s position as an office location is set to receive a boost from the future redevelopment of Comcentre.
By Kalpana Rashiwila, Business Times