18 SBF Centre medical suites up for grabs

A total of 18 medical suites ranging from 678 sq ft to 2,842 sq ft in SBF Centre have been put up for sale or lease, revealed marketing agent Knight Frank.

Located within the central business district, SBF Centre’s medical suites serve a population of around 16,000 residents and 450,000 office workers.

SBF Centre is built within a 33-storey mixed development, housing a total of 48 medical suites that span over three floors, from the 3rd to 5th storeys.

“The current tenancy mix includes medical practices such as physiotherapy, cosmetic surgery, chiropractic and others. There is a need for dental and other specialist practices to serve the office workers and residents from the nearby condominiums,” said Mary Sai, executive director of investment & capital markets at Knight Frank.

“With a steady flow of medical tourists into Singapore looking for ‘one-stop medical services’, we expect the demand for private medical suites to remain robust.”

Since medical suites are classified as commercial properties, foreigners can acquire this asset type with no Additional Buyer’s Stamp Duty and Seller’s Stamp Duty payable.

Sai expects good response for the medical suites given that the “average asking rental is affordable at $7 psf per month and the average asking sale price about $4,200 psf, subject to negotiation”.

Comparatively, recent sale prices of medical suites within the Novena area have stood at around $7,000 psf, with monthly rent at around $8 to $9 psf.

Source: 21 March 2019, CommercialGuru