Two office floors at Malacca Centre on sale
The two office floors on sale are located on levels 9 and 16 of the Malacca Centre and are 1,830 sq ft and 2,142 sq ft respectively. Source: Google Maps
Two office floors at level 9 and 16 of Malacca Centre have been put up for sale by public tender, revealed marketing agent CBRE.
Level 9 has a gross floor area of 1,830 sq ft and is being offered for $6 million or $3,278 per sq ft (psf).
Level 16, on the other hand, spans 2,142 sq ft and carries an indicative price of $6.88 million or $3,211 psf.
Collectively, the guide price is $12.88 million or $3,242 psf. Both levels are presently occupied.
Malacca Centre is a 16-storey commercial development that sits right above Raffles Place MRT Interchange.
Benefitting from sheltered access to the Downtown MRT station and Raffles Place MRT Interchange, the 999-year leasehold development also has retail units on the basement level and ground floor.
Nearby landmarks include CapitaSpring, Republic Plaza and One Raffles Place.
“Investors continue to show keen interest in Singapore as an investment destination. The strong confidence stems from our city’s economic and political stability, as well as a solid track record of real estate investments that provide growth in capital values. One such asset is strata office spaces which are highly sought after by family offices or high net worth individuals for wealth preservation,” said Michael Tay, Head of Capital Markets, Singapore at CBRE.
“Against a tight office supply for the next three years, we expect investors to continue to keep an eye on this asset class so as to tap into any potential upside opportunities over the long term.”
He noted that the last transaction for Malacca Centre was in March last year when Levels 11 and 12 were sold for $6 million and $5.82 million, respectively.
The tender for Levels 9 and 16 closes on 17 June 2021.
Source: CommercialGuru, 6 May 2021