Grand Building occupies a 5,313 sq ft site on 17 Phillip Street, and is on sale for $195 million. Source: Google Maps

Grand Building, a prime commercial site at Phillip Street, has been put up for sale by tender, with a guide price of $195 million, revealed sole marketing agent Edmund Tie.

Located within the heart of Raffles Place, the property occupies a 493.6 sq m (5,313 sq ft) site that is zoned for commercial use under the 2019 Master Plan with a plot ratio of 15 as well as a building height control of over 50 storeys.

Since it is a commercial property, foreigners can acquire it with no Additional Buyer’s Stamp Duty (ABSD) payable.

Edmund Tie noted that the property is set to benefit from the Urban Redevelopment Authority’s (URA) CBD Incentive Scheme, which is aimed to transform the CBD into a 24/7 mixed-use district.

This will see Raffles Place retain the predominant commercial character of the CBD’s core area, while Shenton Way, Tanjong Pagar and Robinson Road will have a blend of mixed-uses.

Edmund Tie’s Executive Director of Investment Advisory Swee Shou Fern expects the building to attract keen interest from companies looking to “own a corporate headquarters with a strong presence in the core city centre with potential naming and signage rights for the building”.

“As commercial properties in Raffles Place are tightly held by the owners, Grand Building offers a rare and exceptional opportunity for investors to secure a commercial real estate at an affordable quantum in the Raffles Place within the CBD,” she said.

A three-minute walk from Telok Ayer MRT station Raffles Place MRT interchange, Grand Building is near various food and beverage as well as entertainment amenities including Sofitel Sol, Fullerton Hotel, Telok Ayer shophouses and Boat Quay.

Nearby landmark buildings include UOB Plaza, One Raffles Place, Republic Plaza, OCBC Centre and the upcoming CapitaSpring.

The tender for Grand Building closes on 7 December.

Source: CommercialGuru, 29 Oct 2021