With an indicative price in the region of $24 million ($3,000 per sqft on strata area), exclusive marketing agent JLL is inviting offers through an Expression of Interest exercise (EOI) for the purchase of two 999-year office floors located within the heart of Singapore's Central Business District.

The 999-year leasehold office development is situated within the TPI Building, between Raffles Place Interchange and Telok Ayer MRT Station, and is easily accessible via the East-West and Downtown Line. The development can also be accessed via the Marina Coastal Expressway (MCE) and East Coast Park Expressway (ECP).

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 allowing for efficient use of the space. The two office floors are to be sold with existing tenancies.

As Singapore’s key financial district, Raffles Place remains a bustling business hub with office buildings recording the strongest occupancy rates amongst other CBD submarkets, such as Marina Bay, Shenton Way, Robinson Road, Cecil Street, and Tanjong Pagar.

Key new developments in the area include:

• CapitaGreen 
• Robinson Tower
• 88 Market Street (redevelopment of former Golden Shoe Carpark)

Freehold and 999-year leasehold strata office floors within the Raffles Place vicinity are tightly held by owners and are seldom made available for sale. The last 999-year leasehold office floor transacted in the vicinity was the entire level 20 of Samsung Hub which was transacted in April 2018 at a record price of $3,550 per sqft on strata area.

Mr Clemence Lee, Associate Director, JLL, says: “Opportunities to own two contiguous 999-year leasehold office floors in the CBD are extremely rare and are highly sought after. The property is well-poised for capital appreciation as the office rent and price recovery is underway. This is evident in 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.

"The property will appeal to a range of investors such as boutique real estate funds, family offices, local companies and high net worth individuals or owner-occupiers, such as legal firms, financial institutions, IT firms, tech firms and small and medium-sized enterprises (SMEs).

According to Master Plan 2014, TPI Building has a Maximum Plot Ratio of 12.6+. With only three owners within the development and an existing plot ratio of 6.8, there’s an opportunity for the existing owners to band together to redevelop the building in order to maximize its plot ratio. Alternatively, Asset Enhancement Initiatives (AEI) works can be done to refresh and improve the image of the building,” Lee said.

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 sale will be conducted through an Expression of Interest exercise which closes on Wednesday, 5 September 2018, at 3 p.m.

For more information about the Expression of Interest exercise for Raffles Place, phone or email Clemence Lee, Associate Director of JLL, via the contact details listed below. 

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