Commercial property services company CB Richard Ellis (CBRE) has announced the launch of the private treaty sale of four titled units on the 23rd to 26th storeys of GB Building.
The building, which is located at the corner of McCallum Street and Cecil Street within the CBD, is a 26-storey office building that comprises a three-story podium with a 23-storey office tower and car park allocation of one lot per 1,300 sq ft of space. The building is within two to three minutes walk from the Tanjong Pagar MRT Station.
The four units offered for sale comprise strata areas that range from 5,210 sq ft to 5,500 sq ft per floor, with a total strata area of 21,560 sq ft. The units have column-free space on every typical office floor.
“At present, investors and owner-occupiers are finding it increasingly difficult to acquire substantial floors of strata offices in a well located and well designed office building in the Central Business District. Office rentals are experiencing steady growth. Strong economic fundamentals support the current buoyant property market and have attracted more and more overseas corporate investors to Singapore. Such an investment opportunity is rare and we expect this property to receive keen interest from both local and overseas investors,” said Jeremy Lake, Executive Director, Investment Properties.
With an indicative price of $30.18 million, it works out to $1,400 psf over strata floor area, an affordable and realistic price given similar recent transactions. Strata offices in Suntec City were transacted at $1,897 in May 2010, while another Suntec transaction in April reached $2,299. Meanwhile, those at International Plaza were transacted at between $1,375 psf and $1,475 psf in May to June this year.
CB Richard Ellis is the sole marketing agent for the private treaty sale.