CBRE, as the exclusive marketing agent, is offering investors an opportunity to acquire a strata office floor at 15 Scotts Road, Singapore 228218. The sale will be conducted through an Expression of Interest exercise, which will close on 6 October 2022, Thursday at 3pm.

The strata office floor has a strata area of 13,734 sq ft, representing approximately 12.7% of the total strata area, or 12.6% of the total share value of the development. The asset has excellent specifications such as a regular, efficient floorplate and generous floor-to-ceiling height. Presently, it is fully occupied by a diverse mix of tenants and able to provide the incoming owner with immediate rental income.

Indicative price for the strata office floor is S$52.5 million or approximately $3,822 psf on the total strata area. Foreigners are eligible to purchase the commercial property with no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD).

Clemence Lee, Executive Director of Capital Markets, Singapore at CBRE, says, “Freehold strata office floors housed in good quality office developments in Orchard Road are tightly held and rarely made available. As such, these assets are highly sought after by a wide range of owner-occupiers and investors such as family offices, boutique real estate funds, local companies and high-net-worth individuals. Due to its rarity, there have been no transactions in the last 4 years involving entire strata office floors in Orchard Road. The last two strata office floor transactions were that of the sale of the entire 18th floor at Tong Building to Top Global Limited at $23.3 million in October 2017, and the sale of the entire 13th floor at Tong Building to the family office of luxury watch and jewelry house Chopard for $25.5 million in May 2016. This trend is expected to persist considering that Orchard Road has been identified as one of the key areas where strata subdivision will no longer be allowed in existing developments and redevelopment sites. This ban will further restrict the supply of good quality freehold strata offices available for sale and existing good quality strata office developments such as 15 Scotts, will stand to benefit.”

Mr Lee adds, “URA intends to maintain Orchard Road as a premier global shopping destination and the nexus for new-to-market retail and lifestyle experiences in Singapore. Retailers understand this as well and have been competing intensely for the limited and exclusive retail storefronts along this main thoroughfare. In 2022, we saw the entrance of several established brands such as Courts Nojima, Puma, the upcoming Castlery at Liat Towers and a new amenities retailer at OG Orchard. These new additions are set to refresh the district and generate positive spillovers for surrounding developments.”

Sitting prominently along Scotts Road, 15 Scotts is a freehold 9-storey strata-titled commercial development within the heart of the Orchard Road precinct. Enjoying excellent visibility with its 40- metre-wide main road frontage along Scotts Road, the asset is only a short walking distance away from the main Orchard shopping belt where well-established shopping malls such as Wisma Atria, Wheelock Place, Scotts Square, TANGS Plaza and ION Orchard are located.

“At 15 Scotts, the completion of an extensive asset enhancement initiative in 2015 refreshed the development’s common areas and façade with full-glass windows. It is now better positioned than ever to capitalize on the positive office market sentiments and the ongoing rejuvenation of the Orchard Road precinct. The incoming owner can thus look forward to strong rental and capital appreciation over the mid to long-term horizon”, Mr Lee concluded.

15 Scotts enjoys seamless connectivity and is well connected to other parts of Singapore via public and private transportation. Orchard MRT Station that currently sits on the North-South line is only a short walk away, and accessibility is set to further improve when it becomes a major interchange following the completion of the Thomson-East Coast Line by end 2022. Numerous bus services can also be found along Scotts Road, which leads to other major roads such as Orchard Road and expressways such as the nearby Central Expressway (CTE).

To request a copy of the Information Memorandum please contact the marketing agent Clemence Lee, Executive Director of Capital Markets, Singapore at CBRE via the contact details below.