Grand Building (Photo: Edmund Tie)
SINGAPORE (EDGEPROP) - Grand Building, a commercial building located at 17 Phillip Street in Raffles Place, has been put up for collective sale by tender at an indicative price of $195 million.
This is the second time the building has been put up for collective sale. The owners of the 10-storey building had previously made an attempt last October, with the property put on the market at the same indicative price of $195 million
See also: Grand Building on Phillip Street up for collective sale at $195 mil.
Grand Building sits on a site area of approximately 5,313 sq ft with a 999-year lease from 1827. The site is zoned for commercial use with a plot ratio of 15 and a maximum height of 50 storeys under the URA Master Plan 2019
The indicative price of $195 million translates to $2,447 psf per plot ratio based on the maximum gross floor area of 79,695 sq ft for the site. As a commercial property, there is no additional buyer’s stamp duty payable for acquisition and no restriction on foreign ownership.
According to Swee Shou Fern, head and executive director of investment advisory at Edmund Tie, Grand Building’s collective sale offers a rare opportunity to acquire a standalone commercial property in Raffles Place at a palatable investment quantum. Edmund Tie has been appointed the sole marketing agent for the property.
Swee also notes that Grand Building’s location is outside of the Central areas impacted by the recent ban on strata subdivision of commercial properties. This will offer the incoming buyer flexibility in their development proposal for the property, she adds. (Find Singapore commercial properties with our commercial directory)
Grand Building has a total area of 22,303 sq ft with average floor plate of 2,100 sq ft. Over the past 20 years, there have only been three recorded transactions at Grand Building, based on caveats lodged with URA Realis. The latest was for a fourth-floor strata unit that was sold for $3.8 million ($1,810 psf), based on a caveat lodged in January 2016.
The property is a five-minute walk from Raffles Place MRT Interchange and Telok Ayer MRT Station. Grand Building’s neighbours include landmark towers such as CapitaSpring, OCBC Centre, One Raffles Place, Republic Plaza and UOB Plaza.
The tender for Grand Building will close on May 5 at 3pm.
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