Two office floors – Levels 8 and 9 – at Springleaf Tower have been put up for sale via expression of interest (EOI), with each level carrying a guide price of $25.83 million, revealed marketing agent CBRE.

This works out to about $2,500 per sq ft (psf) based on the strata floor area of around 10,333 sq ft for each level.

To be sold collectively or individually, the two office floors enjoy exclusive use of lift lobby, pantry and restrooms. They also feature premium office specifications, such as “raised flooring, a 2.8-meter floor-to-ceiling height, and air-conditioning which allows for independent floor operation”, said CBRE.

It noted that the 37-storey Grade A office building at 3 Anson Road has a 99-year leasehold tenure, with effect from 1996. And since it is zoned for “Commercial” use, both locals and foreigners can acquire the two office floors, with no Additional Buyers’ Stamp Duty (ABSD) or Sellers’ Stamp Duty (SSD) payable.

“Springleaf Tower is tightly held by only a few owners, so it is relatively uncommon for office space within the building to be put up for sale,” said Michael Tay, Head of Capital Markets for Singapore at CBRE.

Given the tight supply of Grade A office space in the Central Business District (CBD), Tay expects the two office floors to “strongly appeal to investors with a mid- to long-term investment view to capitalize on the potential increasing rents and capital values”.

The EOI exercise for the two office floors closes on 25 August.

Source: CommercialGuru, 22 July 2021