The eight office units are located on the eighth floor and have a combined strata floor area of around 5,469 sq ft. They are currently fully tenanted. Image: CBRE

Eight adjoining office units at Paya Lebar Square have been put up for sale via expression of interest (EOI), revealed marketing agent CBRE.

Located at 60 Paya Lebar Road, the 13-storey Paya Lebar Square comprises a 10-storey office tower atop a three-storey retail podium. Competed in 2015, the mixed development has a 99-year tenure with effect from July 2011.

The eight office units are located on the eighth floor and have a combined strata floor area of around 5,469 sq ft. They are currently fully tenanted, offering the successful buyer a steady source of rental income, said CBRE.

It added that the buyer also “have the option to divest the units on an individual basis in the future”.

Since the units are zoned for “Commercial use”, both locals and foreigners can acquire them with no Additional Buyers’ Stamp Duty or Sellers’ Stamp Duty payable.

Michael Tay, Head of Capital Markets at CBRE Singapore, believes that demand for office space in Singapore will remain sustainable in the mid to long term, despite the government’s work-from-home requirement.

“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,” he said.

He noted that the 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,” he added.

The EOI exercise for the office units closes on 18 March.

Source: 28 Jan 2021, CommercialGuru