Wednesday, September 19, 2012

Eight floors in CBD building on sale today


23-storeyed 79 Anson Road is a short walk from the Tanjong Pagar MRT station

The Straits Times
September 18, 2012

EIGHT freehold strata-titled office floors in a building in the prime Central Business District go on sale today.

The floors - from levels 16 to 23 - are at 79 Anson Road, which was completed in 1992, property consultancy CBRE said in a statement released yesterday.

A prime ground-floor retail unit facing Anson Road is also included in the sale, making a total strata floor area of 100,007 sq ft.

The 23-storey building is near Mapletree Anson, M Hotel and the Monetary Authority of Singapore building. Tanjong Pagar MRT station is a short walk away.

CBRE said the entrance lobby has just been refurbished and is now "grand and impressive".

The lift interiors have also been given a facelift.

The sale floors are fully occupied at an average rent of less than $6 per sq ft (psf) monthly, CBRE added.

Mr Jeremy Lake, CBRE's executive director of investment properties, expects the total selling price to be more than $200 million, working out to $2,000 psf on the strata floor area.

He added that new office strata sales in the vicinity have reached $2,800 to $3,100 psf.

He said: "Investors will be attracted to the 100 per cent occupancy and secure cash flow. It is also possible that developers will be looking to land bank the property for future redevelopment."

The firm noted that the Tanjong Pagar area is going through a major transformation into a busy working and living hub.

The expression of interest will be launched today and will close on Oct 23 at 3pm.


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