Three Floors at SLF Building for sale via Private Treaty

Singapore, 1 April 2024 – CBRE, as the exclusive marketing agent, is pleased to offer 3 contiguous floor plates at SLF Building located at 510 Thomson Road for sale. The sale will be conducted on a private treaty basis.

The assets are strategically located in the city fringe and located close to Novena and Toa Payoh. It is part of the SLF complex which consists of two office towers, MSF Building and SLF Building. MSF Building is an 18-storey tower and is used by the Ministry of Social and Family Development (MSF) while SLF Building is a 19-storey tower with four basements floors. SLF Building is also well equipped with a dedicated drop off point and has a total of 460 car park lots. Both towers sit on a land site of 282,332 sq ft and are located approximately 300 meters from Caldecott MRT Station.

Each floor for sale has a strata area of 9,450 sq ft, deriving a combined area of 28,350 sq ft for all three floors. The indicative guide price for the asset is at $1,150 psf on the strata area, or approximately $10.8 million per floor and $32.6 million for all three floors. It can be sold individually or collectively. Companies and foreigners are eligible to purchase the subject property, with no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) imposed on the purchase.



Mr Michael Tay (郑兆能), Head of Capital Markets, Singapore at CBRE, says, “Supply of commercial space in the city fringe is very limited and an opportunity to acquire space in SLF complex is hard to come by as most of the floors are owned by MSF and Singapore Labour Foundation (SLF). Notably, there are only two transactions in the past two years. With the opening of Caldecott MRT in Q3 2021, and various new residential developments in the vicinity, we expect rental demand for the commercial space to increase with better connectivity and a larger catchment. As such, this presents an excellent chance for investors looking to ride on the area’s growth and for end-users who want to acquire the premise for their own operations”.

With no high-rise developments in the vicinity, the floors offer unblocked views towards Singapore Polo Club and Novena and allowing for natural light in the space. In addition, with a regular layout, the units offer occupiers flexibility in space planning and can easily be subdivided for lease to multiple tenants.

Mr Joshua Giam (严耀祥), Associate Director of Capital Markets, Singapore at CBRE says, “The assets come generous carpark allocations and feature a convenient drop off point which will appeal to many office and commercial use tenants. Currently the floors are currently leased to tenants such as MSF and Kindle Kids International school, which will likely provide defensive income streams to the buyers. There is also potential for positive rental reversion upon renewal in the next few years. In addition, the incoming owner has the option to improve rents by subdividing the floor into smaller units upon expiry of the existing tenants’ leases. With the assets’ superior locations, prominent frontages, and potential for rental upside, we expect strong interest from both investors and end-users”.