Two 999-year office floors in TPI Building up for sale at $24m

Both are to be sold with existing tenancies.

Two 999-year office floors located at 62 Cecil Street, TPI Building #05-00 and #06-00 are being offered for sale for $24m through an Expression of Interest (EOI), marketing agent JLL revealed.

According to an announcement, the two office floors are located on level five and six of TPI Building and have a total strata area of approximately 8,008 sqft (or 4,004 sqft per floor). Each office floor comes with an exclusive lift lobby and has a regular, column-free layout. The two office floors are to be sold with existing tenancies.

Completed in 1983, TPI Building is a six-storey 999-year leasehold office development in the Singapore CBD. It is located between Raffles Place Interchange and Telok Ayer MRT Station and is accessible via the East-West and the Downtown Line.

The walk to Telok Ayer MRT station is fully-sheltered, JLL noted. The commercial development is easily accessible via major expressways and thoroughfares such as the Marina Coastal Expressway (MCE) and East Coast Park Expressway (ECP).

JLL associate director Clemence Lee commented, "The property is well-poised for capital appreciation as the office rent and price recovery are underway. This is evident by the latest sale transaction in nearby strata office developments such as Samsung Hub, Springleaf Tower, and The Octagon which have achieved record prices in their respective developments.

According to Master Plan 2014, TPI Building has a Maximum Plot Ratio of 12.6+ and an existing plot ratio of 6.8. There are three owners within the development.

“There's opportunity for the existing owners to band together to redevelop the building in order to maximize its plot ratio,” JLL said. Alternatively, Asset Enhancement Initiatives (AEI) works can be done to refresh and improve the image of the building."

As this is a commercial property, foreigners are eligible to purchase the property. There is also no Additional Buyer's Stamp Duty (ABSD) or Seller's Stamp Duty (SSD) imposed on the purchase of the property.

The EOI exercise closes on Wednesday, 5 September 2018, at 3 p.m.