Eight Adjoining Office Units at Paya Lebar Square for Sale

Singapore, 27 January 2021 – CBRE is putting up for sale eight adjoining premium office units at Paya Lebar Square located at 60 Paya Lebar Road. Located on the eighth floor, the units have a combined strata floor area of approximately 5,469 square feet.

As the exclusive marketing agent, CBRE will conduct the sale by Expression of Interest which closes on 18 March 2021 at 3pm.

Completed in 2015, Paya Lebar Square is a 13-storey mixed development comprising a 10-storey premium office tower above a 3-storey retail podium that enjoys a prominent frontage along Paya Lebar Road. It has a tenure of 99 years w.e.f. July 2011. The mixed development was awarded Green Mark Gold Plus in 2013 by the Building and Construction Authority.

Michael Tay ( 郑兆能 ), Head of Capital Markets, CBRE Singapore, says, “Despite the current work-from-home requirement imposed by the Government, CBRE opines that demand for office space in Singapore will be sustainable in the mid to long term. Businesses are recognizing the inherent value of having employees back in offices for effective collaboration, and for fostering a strong company culture and identity. Decentralized locations, such as Paya Lebar, will further benefit from demand by organizations seeking satellite offices to ensure business continuity, increase cost efficiency as well as improve employees’ well-being.”

With the intent to bring jobs closer to home, urban spaces at the city fringe are gradually transformed through transit-oriented development principles that leverage the convenience and proximity of last-mile transportation and amenities to office occupiers. Such attributes are important for talent attraction and retention, which in turn, are a draw to business owners.

The entire Paya Lebar precinct has been rejuvenated with the new developments such as Paya Lebar Quarter, Park Place Residences and the successfully re-positioned Singapore Post Centre. The transformation has attracted both local and multi-national corporations such as SMRT, IPOS, Great Eastern Life NTUC Income, Lendlease, Maersk Lines and CBRE; thereby, creating a vibrant and dynamic decentralized business hub.

“We have observed remarkable growth in the Paya Lebar precinct in recent years. With Paya Lebar Square being the only strata-titled office building in this area, coupled with the rarity of such sizeable, contiguous space available for sale, this offering presents a compelling opportunity to both investors and owner-occupiers, who are seeking quality and strong yielding assets with a mid- to long-term view of potential rental and capital appreciation. The high occupancy seen in Paya Lebar precinct will further instill confidence in this location,” shares Mr Tay.

The eight office units are currently fully tenanted, providing the successful buyer a steady rental income. The buyer will also have the option to divest the units on an individual basis in the future. As the units are zoned for “Commercial” use, both local and foreigners are eligible for purchase without the imposition of additional buyers’ stamp duty or sellers’ stamp duty.

Strategically located in the heart of Paya Lebar, Paya Lebar Square offers seamless connectivity with sheltered access to Paya Lebar MRT Interchange via the East-West and Circle Lines. It is six stops to Raffles Place and a short 10-minute drive into the CBD. The development is also easily accessible via various expressways such as Pan Island Expressway, East Coast Parkway and Kallang Paya Lebar Expressway. Changi Airport is a 15-minute drive away.





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