Five-storey office building with 999-year tenure up for sale

The indicative price for the property is $120m.

A corner standalone five-storey office building in 51 Club Street with a 999-year tenure is up for sale with an indicative price of $120m or around $4,155 per square foot.

In a statement, CBRE said the property with a gross floor area of 28,876 square feet has premium-grade office specifications such as a passenger lift for all floors, and a private parking facility with five slots.

The property is also well connected to other parts of Singapore via public and private stations as it is only within walking distance to Telok Ayer and Tanjong Pagar MRT stations, and Chinatown MRT Interchange. By car, it can be reached through Central Expressway, Marina Coastal Expressway, and Ayer Rajah Expressway.

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“Freehold / 999-year boutique office buildings, with a palatable investment quantum of approximately $120 million within the CBD, are rarely made available. These assets are highly sought after by a wide range of buyers such as family offices, boutique real estate funds, corporates, and high-net-worth individuals,” said Michael Tay, head of capital Markets, Singapore, CBRE. 

“51 Club Street represents a once-in-a-generation opportunity for investors and owner-occupiers, to acquire a freehold equivalent trophy office building located within the heart of the CBD bearing a prestigious address,” he added.

Foreigners and corporates may buy the property with no additional buyer’s stamp duty or seller’s stamp duty, CBRE said.

The Expression of Interest exercise for the sale of the property will close on 22 November 2022 at 3 pm.