CBRE calls for investors to buy prime strata office floors

The prime office floors are located at the 26-storey GB building in Cecil Street and costs $30.18 million.

CB Richard Ellis launched the private treaty sale of four strata titled units on the top floors of 23rd to 26th storey of GB Building, located at 143 Cecil Street, a CBRE announcement said.

GB Building is a 26-storey office building comprising a 3-storey podium with a 23-storey office tower and has a very generous car park allocation of 1 lot per 1,300 square feet of space. The building is within 2 to 3 minutes’ walk from the Tanjong Pagar MRT Station.

The property is located at the corner of Cecil Street and McCallum Street, within the Central Business District. Next to GB Building is a small public park which faces Cecil Street and McCallum Street. GB Building is also accessible from Robinson Road.

The four units for sale consist of strata areas ranging from 5,210 square feet to 5,500 square feet per floor, with a total strata area of 21,560 square feet. The units feature column-free space on all the typical office floors and a view of the surroundings.

Jeremy Lake, Executive Director, Investment Properties said, “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.”

The indicative price is $30.18 million. Based on the indicative price, this works out to $1,400 per square foot over strata floor area, a realistic and affordable price given similar transactions in recent months. Strata offices in Suntec City transacted at $1,897 in May this year.

Another Suntec transaction in April saw prices reach $2,299. Those at International Plaza were transacted at between $1,375 and $1,475 per square foot in May – June 2010.

CB Richard Ellis is the sole marketing agent for this private treaty sale.