Three adjoining strata office spaces at SBF Centre are available for sale with a price guide of $3600 psf. The buildings are comprised of a total floor space of 1,969 square feet, that range from 624 sq feet up to 678 sq feet, located on the 13th level in the structure. They are for sale through an expression of interest (EOI).
The agent for marketing Knight Frank says the price of each unit is $2.25 million up to $2.44 million which is an approximate cost of $3,600 per square foot. “This property is perfect for those who wish to own an individual space within the CBD and investors who want steady rental yields,” adds Mary Sai the director of executive services at Capital Markets, Knight Frank Singapore. “In the current high interest rate environment, investors are turning away from credit, and are instead looking to purchase smaller quantities of assets such as these”.
SBF Centre is a 99-year leasehold commercial project located at 160 Robinson Road in the Central Business District. Its Platinum Green Mark building features modern office space as well as a medical center that is dedicated and roof garden and an outdoor swimming pool. Flexible office spaces are able to meet the requirements of various businesses that range from small and medium businesses to multinational companies.
The property is located 200m away from Tanjong Pagar MRT Station, and the road is connected via North Bridge Road, Robinson Road and the Keppel Viaduct. Additional hotels, offices, or retail projects are in close proximity to Tanjong Pagar, Telok Ayer Telok Ayer, as well as Duxton Hill.
The data obtained from Knight Frank shows that 54 strata office units valued at $126.4 million sold Singapore in the 1Q2023 period. This is the 15.7% y-o-y decrease in the volume of transactions from $150 million that was raked up in the 1Q2022 period. The consulting firm says that this purchase interest is due to increasing interest rates and uncertain economic conditions around the world.
Sai states that several factors come together to keep the increasing demand for offices in strata within the CBD. Sai adds: “The recent cooling measures focused on residential properties as well as the open borders that are prevalent throughout all of the Asia-Pacific region, the restrictions on the subdivision of modern commercial buildings in certain areas of the CBD and the sluggish availability of strata offices will likely attract investors towards commercial properties.”
The EOI to sell the auction closes on June 27.