A penthouse office floor in Chinatown Point has been put up for sale via expression of interest (EOI) with a guide price of $2,080 psf.

Marketing agent CBRE said the sale consists of four strata-titled units that range between 2,346 sq ft and 2,486 sq ft. The combined strata floor area is about 9,719 sq ft.

One of the biggest office and retail developments in Singapore’s Chinatown district, Chinatown Point is a mixed-use development comprising an office block from the 8th to 25th floors as well as a retail podium from basement 2 to the 5th floor.

Completed in 1990, the development was refurbished in 2012, with its retail podium featuring a tenant mix of restaurants, banks, a library, a supermarket, cafes and lifestyle concept stores.

“We have observed that this development has been extremely popular with law firms who want to be near to the State Courts, and the Family and Juvenile Court. Many occupiers here are attracted by the development’s prime location, the myriad of amenities within and near the development and especially, the direct linkage to Chinatown MRT interchange station,” said CBRE capital markets director Sammi Lim.

And given the tight CBD office supply, she expects the penthouse office floor to appeal to investors, including family offices, private equity firms, high net worth individuals and family offices that are looking to capitalise on rising market rents.

Office rents within the CBD are forecasted to increase by over 10 percent in the next two years.

Lim noted that investors “have the option to divest the units on an individual basis in future”. And since the units are zoned for commercial use, both locals and foreigners are allowed to acquire them with no Additional Buyer’s Stamp Duty or Sellers’ Stamp Duty payable.

The EOI exercise for the penthouse office floor closes on 22 February.

Source: 9 January 2019, CommercialGuru