Two contiguous office floors on the 5th and 6th levels of the TPI Building in Raffles Place are on the market for $24 million, or $3,000 psf on strata area. The 35-year-old building is a six-storey, 999-year leasehold office development, and the two office floors have a total strata area of 8,008 sq ft. Each floor is being sold with existing tenancies, says marketing agent JLL.

The TPI Building has a maximum plot ratio of 12.6+. There are only three existing owners within the development, which has an existing plot ratio of 6.8. Owners may band together to redevelop the building in order to maximise its plot ratio, or works can be done to refresh and improve the image of the building, says Clarence Lee, associate director at JLL.

Foreigners are eligible to purchase the property, and there are no Additional Buyers Stamp Duty or Sellers Stamp Duty imposed on the purchase. The property will appeal to boutique real estate funds, family offices, or owner-occupiers like legal firms, financial institutions, IT firms, and small and medium enterprises.

Freehold and 999-year leasehold strata office floors in the Raffles Place vicinity are seldom available for sale, says JLL. The last 999-leasehold office floor transacted in the vicinity was in April when the 20th floor at Samsung Hub on Church Street was sold for a record $3,550 psf on strata area.

The expression of interest for the sale will close on September 5.