Three strata-titled units at GB Building up for sale
Situated at 143 Cecil Street, GB Building is a 26-storey office development located at the junction of McCallum Street and Cecil Street, and is near Tanjong Pagar MRT station, Telok Ayer MRT station as well as the upcoming Shenton Way MRT station.
A portfolio of three strata commercial units at GB Building within the Central Business District (CBD) has been put up for sale via expression of interest (EOI), revealed exclusive marketing agent Knight Frank Singapore.
With strata areas ranging between 5,425 sq ft and 13,067 sq ft, the units for sale include the retail podium which spans across the whole Level 1 and 2 as well as full-floor office units at Level 3 and 8. Overall, the units have a combined strata area of 31,086 sq ft.
Knight Frank noted that the retail podium is offered for sale with vacant possession, while the office units come with existing tenancies.
Situated at 143 Cecil Street, GB Building is a 26-storey office development with a three-level basement car park for 105 vehicles. The 99-year leasehold development is located at the junction of McCallum Street and Cecil Street, and is near Tanjong Pagar MRT station, Telok Ayer MRT station as well as the upcoming Shenton Way MRT station.
The development also falls within the CBD Incentive Scheme, which encourages the conversion of older office developments into mixed-use developments to rejuvenate the CBD.
If there are plans for redevelopment with the stipulated change of land use, the Urban Redevelopment Authority has provisions for increases in development intensity.
This provides the new buyer a chance “to capitalize on the untapped plot ratio via a collective sale exercise with the other owners”.
“The three units in GB Building represents approximately 22% of the total strata area and 21% of the total shares of the development. This is a considerably large stake in the development, and such capacity will come into play during a collective sale exercise,” said Ian Loh, Head of Capital Markets (Land & Building, Collective & Strata Sales), Knight Frank Singapore.
“We expect strong interests from investors looking to have a stake in the CBD commercial market, where most buildings are usually wholly-held by conglomerates.”
The properties can be acquired individually or as a portfolio. Both locals and foreigners can acquire them with no Additional Buyer’s Stamp Duty or Seller’s Stamp Duty payable since they are zoned for commercial use.
The EOI exercise for the strata commercial portfolio closes on 28 April.
Source: CommercialGuru, 26 March 2021