Singapore, 22 June 2020 – CBRE has been appointed as the exclusive marketing agent for the sale of two strata office floors – Level 16 and 23 – at GB Building, which is located at 143 Cecil Street. The sale will be by way of Expression of Interest, which closes on 28 July 2020 at 3pm.
With a strata area of 5,425 sq ft each, the office floors at Level 16 and 23 feature a regular and column-free layout and enjoy excellent views of the city. Level 16 is currently leased to multiple tenants, while Level 23 is to be sold with vacant possession.
Strategically located at the junction of Cecil Street and McCallum Street, GB Building is a 26-storey office development with a three-level basement car park that can accommodate 105 vehicles. It is easily accessible via a fully sheltered walkway from the nearby Tanjong Pagar MRT station.
Clemence Lee (利伟强), Senior Director of Capital Markets at CBRE says, "GB Building sits within one of the city sub-zones which is expected to benefit from the CBD Incentive Scheme announced last year. As older buildings in the area make way for newer mixed-use developments in the journey of rejuvenation, strata property owners of GB Building can expect to enjoy potential capital appreciation in the mid to long term."
To be sold either individually or collectively, Level 16 and 23 of GB Building have indicative prices of S$11.9 million (approximately S$2,200 per sq ft on strata area) and S$12.7 million (approximately $2,350 per sq ft on strata area), respectively.
Mr Lee adds, "Compared to recent strata office transactions, the indicative prices for these two office floors at GB Building are noticeably competitive. We expect strong interest from investors such as boutique real estate funds, family offices and high-net-worth individuals. Level 23 can also be the space of choice for owner-occupiers seeking immediate occupation in the CBD." CBRE Press Release
Three office floors in the CBD were transacted this year – including Level 11 at Samsung Hub which changed hands at S$$49.8 million (S$3,800 per sq ft on strata area), Level 10 at Suntec Tower 1 which was transacted at S$37.1 million (S$2,580 per sq ft on strata area) and Level 33 at Suntec Tower 2 which was traded at S$38 million (S$3,209 per sq ft on strata area).
Both locals and foreigners are eligible to purchase the subject property, which is zoned for "commercial" use. There will be no Additional Buyer’s Stamp Duty or Seller’s Stamp Duty imposed on the purchase.
Some landmark developments near GB Building include Asia Square, Frasers Towers, Capital Tower, the upcoming 79 Robinson Road and Afro-Asia I-Mark Building. GB Building is also within proximity to a wide array of amenities from the retail, F&B, entertainment and lifestyle establishments at the nearby OUE Downtown and Amoy Street.
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CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
