Four office units at Payar Lebar Square on sale for $23.5mil
The total strata area of the four office units at Level 9 of Paya Lebar Square is around 10,785 sq ft, which works out to an average price of $2,179 per sq ft (psf). Image: Google Maps
Four contiguous office units at Level 9 of Paya Lebar Square have been put up for sale, with a guide price of $23.5 million.
This works out to an average price of $2,179 per sq ft (psf) based on the units’ total strata area of around 10,785 sq ft, revealed sole marketing agent Savills Singapore.
Completed in 2014, Paya Lebar Square is a mixed-used building comprising a 10-storey premium office tower sitting atop a three-storey retail podium. The building is strategically situated within the heart of Paya Lebar Central and comes with sheltered access to Paya Lebar MRT Interchange.
Featuring regular, highly efficient layout, the units benefit from natural lighting via the floor to ceiling windows, while enjoying triple facings with unblocked panoramic views.
The portfolio of strata office units is offered for sale as a bundle and on a vacant possession basis. Savills noted that both foreigners and companies may acquire the property, with no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) payable.
“Office spaces are still essential as employees will require the psychological and emotional benefits of a tightly woven team and strong corporate culture found in the workplace. As such, post COVID-19, businesses may look to have a satellite office in the city fringe with great accessibility to distribute their workforce,” said Galven Tan, Deputy Managing Director of Investment Sales and Capital Markets at Savills Singapore.
“With Paya Lebar Square the only strata titled office building with Grade A specifications in the vicinity, this offering presents an exceptional opportunity for both investors and end-users. Additionally, the opportunity to purchase a contiguous office floor space of 10,000 sq ft is extremely rare in the Paya Lebar area, as such ownership is extremely tightly held”, he added.
Source: CommercialGuru, 28 Oct 2020