Three strata office spaces at SBF Centre are currently on sale at a cost of $3,600 per square foot. The offices contain a total area of 1,969 square feet, which ranges from 624 sq ft up to 678 sq feet, located on the 13th floor on the 13th floor of the. They are available for purchase via an expression of interest (EOI).
The agent for marketing Knight Frank says the price for each unit varies from $2.25 million and $2.44 million that works out to an approximate price of $3,600 per square foot. “This asset is a great choice for those who wish to own an individual space within the CBD and investors who want steady rental yields,” adds Mary Sai who is the director of executive services at Capital Markets, Knight Frank Singapore. “In the current high interest rate environment, more and more investors are less dependent on debt and preferring to invest in smaller-sized quantum assets such as these”.
SBF Centre is a 99-year leasehold commercial project located at 160 Robinson Road in the Central Business District. This Platinum Green Mark building features modern office space and a medical facility that is specialized as well as a roof garden and the swimming pool. Flexible office spaces are able to meet the requirements of various businesses including small and medium-sized enterprises to multinational companies.
The property is located 200m away from Tanjong Pagar MRT Station, and the road is connected via North Bridge Road, Robinson Road and the Keppel Viaduct. The other hotels, offices or retail projects are located nearby Tanjong Pagar, Telok Ayer Telok Ayer, as well as Duxton Hill.
Information obtained from Knight Frank shows that 54 strata office units valued at $126.4 millions were sold out of Singapore in the 1Q2023 period. This is an increase of 15.7% y-o-y decrease in the volume of transactions from $150 million that was raked up in the 1Q2022 period. The company claims that the buying interest is due to higher interest rates as well as uncertain economic conditions around the world.
Sai believes that a variety of factors work together to support the demand for office buildings in strata located in CBD. She says: “The recent cooling measures specifically targeted at residential properties and open borders across all of the Asia-Pacific region, the restrictions on the subdivision of modern commercial properties in specific areas of the CBD and the constrained availability of strata offices will likely attract investors towards commercial properties.”
The EOI is due on June 27.